A market study, updated in 2016, reviewed economic indicators to determine the potential of the general market around the Palacios locale. Core Distinction Group, LLC conducted a macro and micro market analysis of the Palacios area and the areas immediately surrounding it for the feasibility of a hotel.
After continued Cobblestone Hotel meetings through 2015, the New Year kicked off with an educational forum and investor round-table on the 7th of January. Items discussed included return, risk, infrastructure and investor commitments. More than 20 people attended with questions and interest.
The PEDC and City Council have demonstrated their commitment to the project and to the positive economic impact it will have on Palacios. The City by the Sea will have a waterfront hotel catering to all of Matagorda County as well as regional and national visitors. With the new Palacios Coastal Pavilion under construction and the future improvements around the South Bay Marina, Palacios can be a weekend destination for families or week long vacations for “Winter Texans”. PEDC is the lead agency on this project and is still looking for additional investors. There is a minimum investment and a promising return after construction. (See the link for the full market study.)
Film Friendly Location
The film industry provides communities in Texas with significant revenues for being a film location for ad or movie production. The Texas Film Commission assists communities in becoming a certified Film Friendly Texas Community. Palacios, along with Matagorda County, is participating in the certification process. Palacios adopted their film friendly guidelines on February 22, 2015.
Waterfront development plans include a pavilion, midsize hotel and increased downtown amenities. The waterfront development ideas began with the completion of the Palacios Waterfront Redevelopment Plan in 2012. The plan was prepared by The Rivers Studio, LLC, waterfront planners, and paid for by the Palacios EDC.
A Pavilion plan was developed and architectural drawings were completed by Randall-Porterfield Architects, Inc. Construction of the pavilion began in winter of 2015.
For more information on projects contact PEDC