287-Acre Texas Waterfront Deal Inches Forward

With a sale more than a year in the works, American International Industries Inc. has received environmental updates that improvements will need to be made to parts of the 287 acres of waterfront property in Galveston County, Texas, that the company is endeavoring to sell to Westfield Forest L.P., a subsidiary of Todd Land Co. On April 2, 2007, American International Industries announced that Westfield Forest acquired the land and began development planning which would include a large commercial marina, 160 waterfront lots, town home development, boardwalk restaurants, a pavilion, hotel and amphitheater. The completion of the sale of the property has been subject to certain conditions including obtaining certain permits from the city of Texas City and the U.S. Army Corps of Engineers, among others. Westfield Forest is still in contract to purchase the parcel, however a progress report for the engineering study relating to the wetlands issue regarding the land has indicated that certain steps will be required before proceeding. The study is a prerequisite toward completion of the sale of the property, according to American International information. The engineering report indicated that certain acreage of the property will need to be mitigated in order to receive the final permits in order to proceed with Westfield’s development of the project. The property has approximately 4,200 lineal feet of water frontage on Dickinson Bayou and Galveston Bay in Galveston County. Due to the large water frontage of the property, the engineering necessary for the development of the site is both complex and lengthy. According to American International information, Westfield is optimistic about success in the mitigation process and facilitating the development of the property. The Galveston Bay area is popular among new projects with many residential properties under construction including the Palisade Palms and Emerald by the Sea condos in Galveston. The Kemah Boardwalk is a long-standing tourist destination with entertainment, restaurants and hotels in Kemah, near Texas City. American International Industries Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International and Berkshire Hathaway. The company has holdings in industry, finance and real estate in Houston and surrounding areas, as well as oil and gas.