Communities come together for several reasons. Having something to look forward to and bringing hope to an area makes a big difference. When communities lose that hope, it can severely impact everyone.
As a real estate investor, Jerome Karam has witnessed firsthand how real estate can develop a sense of community if done correctly. Specifically, bringing in new restaurants, entertainment options, retail stores, and more can give communities new options and a sense of pride that businesses believe in.
How has Jerome Karam found ways to build stronger communities with JMK5 Holdings? Some more recently wrapped-up projects have already impacted the region they serve.
Creating Mainland City Centre
A massive project that took years to plan has transformed a lackluster mall into a new city center. Jerome Karam purchased the Mall of the Mainland in 2015; years later, he is still fully transforming it into Mainland City Centre. It’s already a thriving hub for gyms, shops, restaurants, and more, and new tenants continue to look into moving in consistently.
The older setup of a traditional mall wasn’t finding success as it did during its heyday. The Mall of the Mainland became something shoppers passed over and travelers never even considered.
Mainland City Centre brings a different look to the table that feels like a more family-friendly option that embraces community. New signs can make an insane impact, but better landscaping, parking, and a variety of tenants give people of all ages a reason to visit.
Opening the Mall of the Mainland has also impacted other parts of the community. Property values are trending upwards, and new businesses are attracted to nearby areas with all the traffic coming through. The community feels empowered with this central showcase location for Texas City and La Marque.
Repurposing the Historic Falstaff Brewery
The Falstaff Brewery is a perfect example of a thriving business that could never keep up with the times. Families who have been around for decades remember the Falstaff Brewery as a significant employer in the city. After its heyday in the 1950s and 1960s, the brewery closed.
A massive building in the middle of Galveston was going unused until JMK5 Holdings purchased it in 2015. The plan was to never have one business only in the building. Instead, it was repurposed into three facilities that utilize the area.
There are four stories of indoor storage people can rent out to use in the community. There’s also a 110-room hotel for visitors to the area to enjoy in a historic building. Finally, a venue for events and weddings can be used for locals and out-of-towners.
There’s so much history involved with the building that locals love to see it do so well. There is perhaps no better testament to Jerome Karam’s efforts than having locals plan their weddings or have big parties in a building that is so important to the history of Galveston.
Helping Strip Malls Thrive Again
Strip malls need to be owned and operated by the right people for them to find success. Not only do buildings need to stay updated and look great, but tenants need to be pursued that fit into the overall theme.
Jerome Karam has a couple of instances where he’s purchased strip malls and helped re-develop them. The Mainland Crossing in Texas City is one example, as it’s near the Mainland City Centre and feeds off it in some ways.
He has 35,000 sq. ft. to work with, and he’s made it a focus to hold onto current tenants while also bringing in new ones.
Notably, he signed the University of Texas Medical Branch to lease 10,500 sq. ft. in the center. Having them fill such a massive gap in the strip mall should make it easier for the other spots to find tenants.
A more recent project involves a purchase in El Paso. Jerome is now the owner of Sunrise Village. Located in the northeast part of the city, he’s making improvements to bring this conveniently located shopping area back to life.
Not too many details are known about the property, but the potential is there for Jerome to commit. He knows the opportunity to expand beyond the Greater Houston Area could allow him to impact other parts of Texas.
Every strip mall has its challenges, but most were built for a reason. It takes a little effort to see meaningful changes in the correct location. Having the right people in charge will change the entire outlook of a location.
Can Jerome Karam Create Stronger Communities Through Real Estate by Himself?
No real estate investor can completely change a community with any project. However, Jerome Karam hopes to play a role in the bigger picture whenever he goes into a community and invests.
A family man through and through, Jerome understands that a stronger community can have many advantages. Not only does it make for a more desirable place to live, but property value also has a chance to rise.
All of Jerome‘s investment projects aim to provide a solution in a community. It can sometimes serve as a kick starter for bigger and better things.
Expect Jerome and his entire team at JMK5 Holdings to constantly be on the hunt for new opportunities when they arise. Currently, he sticks to real estate in Louisiana and Texas, but there are always opportunities to expand if something comes up.