Brownsville: Kansas Developer to Construct 88-Unit Apartment Complex
Feature Illustration: Concept schematics for Building A of the proposed Price Lofts, an 88-unit apartment development. Courtesy: Wallace Architects.
by Adolfo Pesquera
Brownsville (Cameron County) — An Overland Park, Kansas-based multifamily developer plans to construct an 88-unit apartment complex that will be known as Price Lofts.
The development consists of two three-story buildings with a community amenity center located on the ground floor of one of the buildings.
Of the 88 units, 81 will be income-restricted and seven will be leased at market rates. To ensure the lower rents, the developer applied for an was awarded a $1.5 million 9% low income housing tax credit on July 22 by the Texas Department of Housing and Community Affairs.
The 4.48-acre project site is located at 54 South Price Road, a couple blocks south of Resaca de la Palma National Battlefield.
The net rentable area will be 89,796 square feet. A gross square footage was not provided, however, the impervious cover will be 45% or 88,560 SF. This includes a long driveway entrance and surface parking for 96 vehicles.
The proposed siding is 100% vertical, 12-inch Hardie Board. The roof will have architectural shingles. The building height to the third floor ceiling is more than 31 feet, plus approximately 12 feet to the apex of the A-frame roof.
The estimated cost for site work and vertical construction of $11,440,522. Including soft costs, the total development cost is estimated at $16,770,619.
Jacob “Jake” Mooney, a co-founder of MRE Capital, is doing this project an independent wholly owned entity, JCM Ventures LLC. MRE Capital has previously completed two multifamily projects in the Lower Rio Grande Valley–the Brownsville Lofts in 2020 and the Baxter Lofts in Harlingen in 2017.
Operating as JCM Ventures LLC and working with a Texas partner (East 43rd St. LLC), Mooney’s group will create a limited partnership, Brownsville Price Housing Partners LP, to own the Price Lofts.
Mooney selected Tan Construction Inc. of San Benito to act as general contractor. The design firm is Wallace Architects of Columbia, Missouri, and their engineer is Crockett Engineering Consultants of Columbia, Missouri.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.