Jerome Karam Friendship Real Estate Development Company has earned an impressive reputation for restoring and revitalizing distressed properties in the Galveston and South Louisiana areas. The company tackles difficult-to-impossible projects by using creative strategies, enviable development resources, tax incentives and a firm commitment to revitalizing historic properties. One of the company’s greatest accomplishments is it’s recent remodel of the historic Galveston Falstaff Brewery.
A New Vision for a Century-old Structure
Jerome Karam, a native of Louisiana, is one of the most prolific developers in real estate. An attorney by trade, Karam entered the world of real estate development with a big bang as he tackled some of the toughest projects in Houston, Galveston, and South Louisiana. An article at Forbes.com, titled “Former Falstaff Brewery In Galveston Taps Into New Uses,” offers an excellent explanation of Jerome Karam’s vision.
The brewery doesn’t brew any longer, but the redo opens up a trendy space where beer can be served. Each part of the historic building is being repurposed for more effective usage. These adaptations include climate-controlled storage, a boutique hotel, rooftop events, retail space, cruise ship terminal parking and outdoor entertainment to make the old brewery a hub for Galveston residents and visitors.
Jerome Karam and His Development Philosophy
Jerome Karam talks easily about his philosophy: He likes to tackle mega-scale projects that generate a real financial boon to the local government and the economy. Karam purchased the old brewery, which has 330,000 square feet of space, in 2015 for an undisclosed sum. Karam thought it could be repurposed while retaining its historic charm.
The developer shared some of the strategies he followed in developing the property and repurposing its usage with creative ideas. For example, the old building had six stories of windowless space that housed the brewing vats. Karam repurposed the space into climate-controlled storage spaces. Karam sold off a low-slung building that was near the terminal for cruise ships, which was snapped up for terminal parking, and he used the funds for subsequent work on the brewery.
The roof was repurposed for high-profile outdoor events where participants could enjoy water views on three sides. The former tasting room was repurposed as an events venue, and the rooftop and events room can accommodate up to 400 people.
Jerome Karam Friendswood Company qualified for Federal Historic Preservation tax incentives and financial incentives from the City of Galveston to help complete the project.
Other Jerome Karam Friendship Projects
Not all of Jerome Karam’s projects are meant to make money; many are done to give back to the community. For example, the company recently donated space to build a new home for CASA of Galveston, an organization that provides advocates for the victims of child abuse. Space was donated from another Jerome Karam project, the rehabilitation of the financially troubled Mall of the Mainland.
The Mall was repurposed as the Mainland City Center, and the revamped space attracted some high-profile tenants that include The High Altitude, the world’s largest trampoline center, and a World Gym facility, which is the largest space of any World Gym facility.
Karam has also rehabilitated properties and lofts in Galveston and South Louisiana. These include Bayon Bend Estates, Karam Lofts and Galveston Bay Club. Karam Lofts won designation as “The Rehabilitation Project of 2018,” which was awarded by the Galveston Historic Downtown District.
About Jerome Karam and His Development Company
Jerome Karam and Jerome Karam Development Company became a force in real estate development, and many admirers consider him the top developer inTexas and Louisiana for his creative development strategies. Karam attended Louisiana State University, where he earned a bachelor’s degree, and Texas Southern University, where he earned a Juris Doctor degree.
