Jerome Karam of JMK5 Holdings has created a name for himself as a developer in Texas and Louisiana. The real estate developer believes in making the most out of existing buildings instead of starting from scratch.
His latest project involves taking on the Sunrise Village Center in Northeast El Paso. Finalized in the fall of 2021, Karam is quickly working on making the retail center a hot place for shoppers once again. While some might feel he’s facing an uphill battle, a history of success in redevelopment has him thinking positively.
The Proud History of the Sunrise Village Center
After being built in the 1960s, the Sunrise Village Center became a vibrant retail area for locals. It was at or near full capacity all the time, and everyone from locals to tourists would take the time to shop.
The area is now looking to bounce back after some tough times. While the location is excellent, and the community would love to see it thrive, it’s lost popularity over time. A combination of evolving shopping habits, a need for updates, and more have all impacted the Sunrise Village Center.
JMK5 Holdings, LLC. is looking to change the shopping center’s fortunes. With tenants like Dollar General, Black Fridays, Sally’s Beauty Supplies, and more already in the mix, fixing the property and redeveloping it should significantly improve the less than 50% leased number.
Focusing a lot on Galveston County and surrounding areas, Jerome Karam is taking a chance on this location in El Paso. He believes that his past success with similar projects will lead him to success here. There are always unknowns going to the other part of the state, but Karam has been in this business for a while.
Past Success with Redevelopment Projects
While not the same, there are some similarities between the Sunrise Village Center and the former Mall of the Mainland in Galveston, Texas. After Jerome Karam purchased the mall in 2015, he redeveloped the area to fit new needs.
Fast forward to the present day, and this area is now known as the Mainland City Centre. A lot of tenants have been brought in to breathe new life into the shopping center once again. From entertainment to dining options, the variety of tenants has people from all walks of life coming.
The Sunrise Village Center is smaller, and huge redevelopment plans are not necessarily in place. However, Jerome Karam has shown that by redeveloping outlets, tenants will feel much more confident in coming to any shopping area.
He has also had his hand in other commercial and residential redevelopment projects. A much older site than the Sunrise Village Center is Falstaff Brewery. Built-in 1895, he revitalized the building and turned it into three different businesses.
The once forgotten part of Galveston is now bringing in business in various ways. The Falstaff Brewery now has a storage facility, wedding/event venue, and boutique hotel with 110 rooms.
Some might also look at residential projects like Karam Lofts in Galveston and Lake Charles. In both instances, he repurposed old buildings in downtown areas to turn into new places for urban living. While many other developers saw these spaces as troublesome, some even having a past of crimes like theft, assault, or financial problems, he worked to make them desirable for tenants to move in shortly after completion.
The smaller structure of JMK5 Holdings ensures that proper focus is put on every new project. Taking on too many projects at once can spread resources too thinly and cause delays. Sunrise Village Center will get all the resources necessary to make it a success that aligns with other success stories from the company.
Impacting the Community With Redevelopment Plans
Jerome Karam knows that lifelong residents of Northeast El Paso would love to see the Sunrise Village Center bounce back in a big way. Buying it only to tear it down would erase decades of history that no community wants to deal with.
What might not be apparent at first is how much impact redevelopment plans make on a community. Seeing old buildings used once again, and thriving can impact other areas of the city that are also struggling. Whether a city has dealt with a rise in assault and other crimes, or they’re falling on hard financial times, any positivity makes an impact.
Past projects have inspired other developments to pop up in nearby areas. Revitalizing an entire community is one of the biggest positives Jerome Karam sees from approaching real estate this way. He knows that everyone has different intentions when bringing in new business, but this feels right to him. Whether it’s the community he resides in or not, he knows what’s positive.
Learning More on Jerome Karam Projects
Anyone interested in learning more about Jerome Karam and JMK5 Holdings can visit their website. JMK5 Holdings has information on all finished commercial and residential projects. There are also updates on anything in development. Seeing before and after pictures is one of the most powerful ways to see the changes better.
Plenty of people will be following along with this latest Sunrise Village Center project to see how it is coming along. There’s no immediate timetable in place for when improvements are complete, but work has already started. During the updates, current tenants will have the option of staying open the entire time.