September 9, 2016
Baytown, TX, once considered a blue-collar city on the far, far southeast side of Houston, is proving to be profitable. The low oil prices dragging Houston down 50 miles to the west are financing an approximately $60 billion construction boom on the far east side. Developers, for the first time in years, are building houses, apartments and stores from the ground up.
During the past five years, Baytown experienced a 36% increase in home sales, and a 50% increase in housing price tags. Retail is also following rooftops. Fidelis Real Estate Partners took over the crumbling San Jacinto Mall, with plans to demolish it and renovate it into an open-air market. Other retail developers, including Stream Realty, Gulf Coast Commercial and New Quest are also planning to develop.
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