THE ISLANDS OF ROCKPORT
An Active Master-planned Resort Community | Rockport, Texas
MARINA PHASE
±46.7 ACRES
PHASE I
±35.4 ACRES
PHASE II
±35.8 ACRES
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp., a Texas licensed real estate broker (“HFF”).
EXECUTIVE SUMMARY
HFF, as exclusive advisor to the owner, is pleased to offer for sale The Islands of Rockport
(the “Property”), a highly successful upscale gated waterfront residential development
on the Texas Gulf Coast just south of the resort town of Rockport, Texas. Totaling ±71.2
acres fronting the Intracoastal Waterway and Redfish Bay, The Islands of Rockport is
the premier waterfront development on the Texas Gulf Coast. Phase I, which started
in 2013 and contains 50 finished waterfront lots, a clubhouse and pool on three fully
bulk-headed canals, is almost completely sold out. Phase II is fully permitted for three
more canals with preliminary plans for 119 additional waterfront lots.
This unique offering presents an opportunity to acquire and refine the next phase
of a highly successful and fully permitted waterfront development located on one of
the most sought after sections of the Texas Gulf Coast. An opportunity also exists to
purchase the adjacent 46.7-acre tract to the north that is permitted for a canal and
full-service marina with sites for a hotel, residential condominium, retail space and
waterfront lots.
INVESTMENT HIGHLIGHTS
• Phase I Success – 38 of the 50 initial lots have been sold since December
2013 and 18 custom homes have been completed. Five of the homes have fulltime residents, while the balance are secondary homes for families in Austin, Dallas,
Houston, San Antonio and numerous smaller Texas cities.
• Phase II is Fully Permitted – The extension of the main canal and two new
secondary canals are fully permitted with the U.S. Army Corps of Engineers and
the associated Wetlands Mitigation and On-Site Water Quality Plans for the entire
development have been satisfied with the completion of Phase I.
• Future Development – In addition to the Phase II Islands of Rockport
development, the adjacent ±46.7 acres to the north, dubbed the Marina Phase,
is also available for sale. Its canal and marina are fully permitted and it has been
planned as a complementary development with a similar design theme and
additional amenities to serve The Islands of Rockport.
• Proven Demand and Price Points – The success of Phase I significantly
reduces the risk for the next phase of development and, based on market feedback,
there is additional demand for slightly smaller lots that can be incorporated into the
remaining development.
• State-of-the-Art Design & Construction – The canals have been designed
with circulating channels to maximize water flow through the development and a
Wetlands Shelf to optimize water quality. In addition, a unique “bubble curtain” has
been installed at the canal entrance from the Intracoastal Waterway to help deflect
floating debris from entering the canals reducing ongoing maintenance costs.
• Streets & Utilities – All Phase I streets, curbs and bulkheads are complete
and constructed with concrete. All utilities, including water, sewer, electricity,
phone, cable and natural gas are underground. The Islands of Rockport is the only
development south of Rockport that offers city water and sewer service to all lots
instead of individual septic systems. This feature also greatly enhances the water
quality within the Property’s canals.
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EXECUTIVE SUMMARY
• A
rchitectural Guidelines & Controls that Enhance Value – Homes
must have a minimum of 2,000 square feet of air conditioned space, standingseam metal roofs and other features consistent with a Southern Coastal design. To
promote build-out and create a sense of community within the subdivision, home
construction must start within 2 years after each lot sale. This also discourages
absentee lot speculators.
• P
referred Builder Program – To help ensure consistent quality and timely
delivery of finished homes, a preferred builder program is in place with 3 local
builders. This program could be expanded in Phase II with the opportunity for a
production builder given the number of lots that can be created.
• D
evelopment Flexibility – Vertical development around the permitted canals
is not subject to further review by the U.S. Army Corps of Engineers offering the next
owner the opportunity to refine or change the density of the current development
plan for Phase II or the adjacent Marina Phase.
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• No Phase I Encumbrances on Phase II or the Marina Phase –
The Phase I Home Owner’s Association and Architectural Guidelines do not extend
beyond the current boundaries of Phase I offering complete flexibility on the design,
density and control of both Phase II and the adjacent Marina Phase.
• I ntracoastal Waterway Location – Fronting the Intracoastal Waterway
gives residents’ ideal access to the fishing havens of Estes Flats and Redfish Bay,
as well as nearby marinas, Rockport and the open waters of the Gulf of Mexico.
• C
ontinued Population Growth – Texas is the 2nd largest, but fastest
growing state in the country, adding over 2.3 million (9.2%) new residents between
2010 and 2015 with forecasts for continued strong growth over the next decade.
Rockport remains a favorite vacation and retirement destination and is within a
3-hour drive to 3 of the state’s largest metro areas – Austin, Houston and San
Antonio – which alone have over 11.2 million residents.
EXECUTIVE SUMMARY
CONCEPTUAL RENDERING OF FINISHED DEVELOPMENT
THE ISLANDS OF ROCKPORT AND ISLANDS RESORT & MARINA - ±117.9 ACRES
±7.67-ACRE
PROTECTED
WILDLIFE AREA
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OFFERING FORMAT
ASKING PRICE
No asking price has been established for the Offering.
ADDITIONAL INFORMATION
Additional information will be made available on a confidential registration basis with secure access to an online document center. Questions regarding this opportunity, registration, due diligence
materials, or the Offering Process may be directed to either of the following:
Davis Adams | (713) 852-3558 | [email protected]
Robert Williamson | (713) 852-3554 | [email protected]
Mark Bramlett | (713) 852-3469 | [email protected]
SALES PROCESS
Transaction Cost
Each prospective purchaser shall be responsible for any and all costs, expenses (including legal fees) associated with their inspection, and due diligence efforts pertaining to the Property.
Data Room
An online data room is available to prospective purchasers and includes relevant Property documents pertaining to the sale. The data room can be accessed online via www.hfflp.com. All interested
parties are encouraged to visit the site. Familiarity with the posted materials will be a factor in selecting a nominated buyer. Any questions regarding access to the site should contact Bridget Diestel at HFF
([email protected]).
Preliminary Offer Components
Seller is requesting offers be submitted on the prospective purchaser’s company letterhead. An offer should include the date, name, signature and title of the authorized signatory, and take into
account, or specifically include the following:
1. Clearly identify inspection period for any further due diligence (if any) and closing period;
2. Acknowledgement that the prospective purchaser is responsible for any and all due diligence and closing costs;
3. Summary of the prospective purchaser’s review of the information provided as well as any additional due diligence completed and details of any remaining due diligence that is contemplated;
4. Description of any internal/external approvals that are required and a summary of the process for obtaining such approvals;
5. Identification of firm’s source of debt and equity funds for this acquisition along with key partners or participants in the transaction; and
6. Description of any contingencies to the offer.
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BROKERAGE INFORMATION
INFORMATION ABOUT BROKERAGE SERVICES
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant
(buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who
acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or
lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a
subagent by accepting an offer of subagent from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and
must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material
information known to the agent.
IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s
agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know,
because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written
consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an
intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
1. Shall treat all parties honestly;
2. May not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;
3. May not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and
4. May not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to
do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.
With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate
with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and
by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents
you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.
TEXAS LAW REQUIRES THAT ALL REAL ESTATE LICENSEE’S PRESENT THIS INFORMATION TO PROSPECTIVE SELLERS, LANDLORDS, BUYERS OR TENANTS.
ACKNOWLEDGMENT: Please acknowledge your receipt of this information, for Broker’s records
[PROPERTY NAME] - [PROPERTY CITY, STATE]
____________________________________________________________
OWNER (LANDLORD) OR BUYER (TENANT) OR AUTHORIZED REPRESENTATIVE
Date:_______________________________
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ADDITIONAL INFORMATION
If you have any questions or require additional information, please contact any of the individuals below.
DAVIS ADAMS
Managing Director
[email protected]
(713) 852-3558
ROBERT WILLIAMSON
Senior Managing Director
[email protected]
(713) 852-3554
9 Greenway Plaza
Suite 700
Houston, TX 77046
(713) 852-3500
MARK BRAMLETT
Real Estate Analyst
[email protected]
(713) 852-3469