Developer Johnny Vassallo recently purchased the 23-story One Moody Plaza office building at 1902 Market St. in downtown Galveston, Texas, and plans to convert it into a hotel and apartments. He expects to close within the next two months and is awaiting a market study from Tracy Cross & Associates to determine the property’s best use. Vassallo is working with architecture firm SCB on the project design and expects construction to begin within 12 to 18 months.
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