Oct 22, 2013 6:15 PM by Janine Reyes
CORPUS CHRISTI -- As voters get ready to say yes or no to the Destination Bayfront project, KRIS 6 News is digging into who owns the undeveloped property surrounding the proposed $44.5 million project.
You might be surprised to learn that the largest property owner in that area may be based out of the Philippines.
Point Grey Investment Corp owns $2.2 million in land near the bayfront. We can't track down the specific investors, but we can tell you the corporation is registered with the Nueces County District Clerk in the Phillipines.
We don't know their plans for the property.
But, while the Association of Realtors is calling Destination Bayfront a chance to increase property values out there, officials at the Nueces County Appraisal District says there's just no way of knowing that for sure.
"Nueces county, as a whole, is in a very good position for economic growth," said Chief Appraiser Ronnie Canales.
The question is where will that growth develop? Warren Andrich with the Corpus Christi Association of Realtors says if we build Destination Bayfront the properties around it will see a big boom. "We believe in the increase of property values that are going to result from this," said Andrich.
It's an area that, right now, though, has not seen much. Canales explains that property values go up with increased sales. "It's been a pretty stable market, it hasn't been a market to where you've seen a lot of increase in value because of sales or anything like that," said Canales of the bayfront.
One area he expects to see big growth is an area about 20 miles away on the island. "Once Schlitterbahn gets there, once it's completed, I think you'll be able to see the trend of growth within the next 2-3 years," Canales said.
Now many wonder if we will see that growth take off in downtown Corpus Christi if Destination Bayfront becomes reality.
"We will see 1,800 to 2,500 additional living units in downtown Corpus Christi, that in and of itself projects a lot of money," Andrich said.
But, Canales says only time will tell. "If we don't have sales, documented sales, then those property values are not going to go up," said Canales, "it's still a big guess, because you still don't know what a park can do to stimulate economic growth."
Again, Point Grey has the biggest share of undeveloped land along the project site. Guinn-Soin, a local doctor, has 3 undeveloped properties worth $1.7 million, he did not return calls today on his plans for the land and Bayfront Medical Plaza, based in New Orleans owns two properties in the area, valued about $1.4 million.