Real estate development company JMK5 Holdings has been putting together new ideas for property all around the Houston area. Heading into 2023, it figures to be another big year for the company.
Jerome Karam, the leading man behind JMK5 Holdings, feels more comfortable about the decisions made with new property purchases.
What’s planned for 2023? While there are bound to be plenty of projects, one, in particular, is grabbing people’s attention. It figures to be a very big 2023 for Jerome Karam and his growing team.
There’s quite a bit of buzz in Galveston County, as JMK5 Holdings is working towards releasing one of their most significant projects yet in developing a concert venue.
After decades of service to the community, Gulf Greyhound Park in La Marque, Texas, closed in 2020. Many wondered if that source of entertainment could be replaced by anything, and it started to come together when Jerome Karam made the purchase.
In 2022, much news about the project is starting to be revealed. The plan is to take the 88 acres of land at Gulf Greyhound Park and turn it into what was initially called JMK5 Arena, but the final name is yet to be determined. Jerome Karam plans to sell the naming rights to the arena when the right offer comes along.
The project is grabbing a lot of attention because of Jerome Karam’s promises with the arena. The size and location of the arena will make it a perfect fit for all types of entertainment. Jerome doesn’t get too specific on what type of acts he envisioned, but concerts, sporting events, and expos are all on the table for now.
La Marque residents are very optimistic about what this brings to the table. As more and more buildings close nearby, there hasn’t been a lot to get highly excited about in the area. This arena will boost the economy and could help reinvigorate the entire area nearby.
Additional Projects in 2023
Some other projects include redeveloping a Super KMart in Memphis, Tennessee, putting together a strip mall in League City, Texas, and making better use of the Harry Patterson Tower in Shreveport, Louisiana.
A lot of redevelopment projects currently going on are on the commercial side, but he also continues looking for residential spots. Putting lofts and smaller residential projects together in unique locations continues to be among his favorite projects.
Some projects haven’t been discovered or started yet, which keeps Jerome Karam intrigued. There’s always an opportunity that presents itself here and there. The hunt for the next intriguing property motivates him to be at his best.
Residential and Commercial Property Focus
In 2023, Jerome hopes to continue focusing on residential and commercial properties. He likes the mix, as it allows him to be a little pickier about the best option.
In some locations, it only makes sense to focus on residential areas. That said, a commercial property can also make a big difference in a community.
Being able to branch off a little bit compared to the past shows signs of growth in 2023. Almost everything associated with JMK5 Holdings has to do with the Houston area or Louisiana. Now, properties are starting to pop up in other states and cities.
Whether a property is zoned for residential or commercial, Jerome Karam researches the community to see how it will impact. Developers jumping into projects too quickly without a plan can negatively affect current residents before it’s even opened. This only provides an uphill battle that individuals have to overcome.
Finding the Right Locations
As a redeveloper, Jerome Karam is always looking for ways to find the perfect locations to make the most out of a situation. It’s a craft he has been perfecting over the years, getting better and better as time goes on.
Connections within the community have also allowed him to find better properties than ever before. He isn’t a typical real estate developer, as he needs to find the right fit for it to be worthwhile in the long run.
Until the last few years, the focus has been on the Houston area and his home state of Louisiana. Only recently has JMK5 Holdings started to branch off into other areas of the United States.
A very particular part of the development process is understanding the community. There needs to be an understanding that a community is getting a new place. If they are not accepting of a redeveloped location, it will be tough to find success.
Jerome Karam has found heading into 2023 that most locations love that a building is redeveloped instead of starting from scratch. While it makes sense at times to tear an existing building down, Jerome Karam prefers to specialize in his level of expertise.
The Future Outlook of JMK5 Holdings
Jerome Karam used to be the new person on the block with real estate redevelopment, but he’s climbed in prestige and notoriety. Now, a lot of people are attempting to replicate his approach to real estate in general.
Jerome has always had a personalized approach to running JMK5 Holdings. This guy knows it’s better to have a few projects at once instead of growing too quickly. Since it’s about redevelopment and not starting brand new, there needs to be much more time spent on finding the right fit.
Jerome Karam hopes to keep his wife, Leslie Karam, and their children involved in the family business. When he jumped into real estate redevelopment years ago after a law career, he knew it was much more than a passion project. It’s now more significant than ever, and growth potential is still there.