History has not always been kind to specific communities around the world. Residents move, businesses close, and once-thriving areas take a nosedive for one reason or another. Communities with all kinds of pride decades ago find themselves left wondering what to do.
For Jerome Karam, he takes particular pride in working as a real estate redeveloper in Texas to prop up communities with a sense of hope. He does his part by finding intriguing redevelopment projects with tons of potential.
How does Jerome invest in real estate differently than most? Careful research and planning allow him to work in particular areas where he has the chance to make an impact. This post will take a careful look into the amazing work of Jerome to have a proper insight into the life of this brilliant investor.
Jerome Karam; Redeveloping Property
Every property brings a new adventure for a real estate investor. Jerome Karam takes particular pride in reviving historical communities throughout Texas.
With a focus on the Greater Houston Area, he looks for unique opportunities that help areas thrive. Some areas need no additional help, while other parts of the metropolitan area struggle to keep up.
The niche of only working in redevelopment means that Karam is looking for buildings with historical value, not a ton of required work, and a great location. He purposely keeps the number of ongoing projects small to remain laser-focused on results.
A redeveloped property, when done correctly, will save an investor money and keep communities happy. Many historical communities don’t want to see buildings that are a century old come down if they don’t have to. Redevelopment keeps the integrity of the area while bringing in new business.
Jerome Dedicated to Creating New History
The community reacts much more when they see a historic building getting new life put into it. Too many developers focus on tearing down buildings and starting new construction.
That might be the more straightforward approach (and required in some instances), but Jerome Karam is more about finding properties that can be fixed instead of demolished.
Many buildings sitting vacant or receiving little to no business right now are still outstanding to use for other businesses. Some communities have regulations in historic districts that can limit tearing down buildings in the first place. This is when creativity like what Jerome Karam brings to the table can find success.
There’s a lot of history in smaller pockets of Texas. Even though many of the cities he works in are considered part of Houston, they have their own identity that locals take pride in. They want their unique look and feel, and an investor who believes in them will win them over.
It’s not uncommon to see resistance from locals when new real estate plans are released. Jerome receives very little pushback since he’s showing he’s committed to holding onto the past in a community with an existing property.
Historic Buildings Redeveloped by Jerome Karam
Jerome has a history of purchasing historic buildings and redeveloping them for modern-day use. While he’s always looking to add his portfolio, some success stories show his dedication.
#1: Falstaff Brewery
The Falstaff Brewery is over 120 years old. Families who have lived in Galveston for generations remember when the brewery was one of the busiest in the United States. Employing more than 400 in the area, many families are still tied to this building through friends or loved ones.
When Falstaff moved its headquarters, the brewery eventually closed in 1981. Over the years, it turned into a vacant eyesore, but Jerome Karam decided to purchase it in 2015 with a redevelopment idea.
The building has four storage stories, an event and wedding venue, and a 110-room hotel. Located on Church Street, right in the heart of Galveston, this redevelopment project has boosted the community since its opening.
#2: Karam Lofts in Galveston
Over on Mechanic Street in Galveston, Karam has another successful project bringing condominiums to the area. Redeveloping the Jack and Robin Demack Building resulted in five modern places for people to live in the city’s heart. Each loft even comes with an attached garage, making it one of the only options nearby with that luxury.
Strand Street has long been a hotspot in Galveston. Redeveloping a commercial building into a place for people to live helps the growing demand for urban dwellings within the city.
#3: Karam Lofts in Lake Charles
A nearly century-old furniture store is now known as Karam Lofts in downtown Lake Charles, Louisiana. The Berdon-Campbell Building is close to various bars and restaurants for people to enjoy. It’s a unique setup that instantly became high in demand once opened.
The Southwest Louisiana city continues to have a growing downtown area that’s becoming desirable for the younger generation. With investors like Jerome Karam putting money into desirable places to live, he’s only helping the community grow.
What Jerome Karam Plans to Do Next
What started as a hobby while working as an attorney has evolved into Jerome Karam becoming a full-time real estate investor. He feels confident in his approach by carefully going into communities and finding the proper historic buildings to bring back to life.
Growth is something that a lot of people in real estate can get caught up in for all the wrong reasons. While many would love to make money in real estate, it’s also important not to disrupt communities and make enemies.
Expect Jerome to stay true to his focus and grow strategically. With his wife and children on board, helping with JMK5 Holdings in many different capacities, it’s become a family affair. Families understand the importance of communities, and Jerome Karam hopes never to sway away from having a positive impact everywhere he goes.
