Projects
For over 20 years, RubiGroup Capital has been developing residential, retail, and mixed-use property in the Rio Grande Valley. The firm has a reputation for creating front-end flexibility by buying below-market to generate automatic built-in equity and then adding tremendous value to the project at various stages in creative and non-traditional ways.
Nevertheless, the team at RubiGroup understands that if a project does not make sense up front, it is not going to make any sense on the back end. It is this philosophy and an intimate knowledge of the Rio Grande Valley market and economy that has created a long history of results for the firm.
Retail Developments
Las Palmas
Brownville, TX
2014 – Las Palmas Retail Development is a 10-acre, high traffic development.
Purchased as a full-service, functioning Holiday Inn/Convention Center/Restaurant and demolished. Converted into 6 commercial lots. 4 full-service restaurant pads, 2 multi-tenant lots. Currently a ground lease Olive Garden, Longhorn Steakhouse and one multi-tenant building with medical and retail users. Total Investment $2.7MM, valued at $18.5MM by lender. 1.5-acre, Olive Garden ground lease valued at $4.2MM in 2017.
McColl Commons Retail
Edinburg, TX
Spring 2018 – McColl Commons Retail is a master-planned 22-acre development.
A 20,000 SF retail center is built and leased within a year of completion, McAllister’s Deli is the lead anchor tenant and falls into place with the various multi-family phase of development which will start in 2019. Total investment to date: $3.0MM valued at $9.5MM (fully leased building plus the remaining pads/lots). This is an on-going development and good example of the work RubiGroup Capital has been doing for over 20 years.
San Juan Corners
San Juan, TX
2011 – San Juan Corners is a 20,000 SF ground up retail development.
This is a Walmart-shadowed, retail center anchored by Sprint. Within 24 months, this ground up development was 1031-exchanged for Las Palmas Retail Development in 2014 (see other featured project). Total investment $1.0MM, sold for $5.5MM. Net return to project $2.7MM.
San Juan Shops
San Juan, TX
Spring 2018 – San Juan Shops is a three-lot commercial development.
Two QSR pad sites, one 45,000 SF retail center lot. Total equity investment to date $1.8MM (no debt). Land valued at $3.9MM.
TKT Master
Pharr, TX
2011 – San Juan Corners is a 20,000 SF ground up retail development. This is a Walmart-shadowed, retail center anchored by Sprint. Within 24 months, this ground up development was 1031-exchanged for Las Palmas Retail Development in 2014 (see other featured project). Total investment $1.0MM, sold for $5.5MM. Net return to project $2.7MM.
Residential Developments
MidTown Brownsville
Brownville, TX
Spring 2023 – Midtown Brownsville is a 144-unit multi-family development located along Interstate 2/HWY218 interchange. Currently under design development. Full drawings completed and pending equity funding to commence construction.
Midtown Weslaco
Weslaco, TX
2016 – Midtown Weslaco is 304-unit, multi-family development, 2 phases of 160 and 144 units each. Developed ground up and currently under evaluation for a 1031-exchange into an Opportunity Zone project. Total investment $11,800,000 for phase 1, valued at $15,800,000 each phase. First phase of 160 units is complete. Total equity investment $2.4MM in phase 1.
MidTown Pharr
Pharr, TX
Spring 2019 – Midtown Pharr is a 168-unit multi-family development located along Interstate 2/HWY218 interchange. Currently under design development. Full drawings completed and pending equity funding to commence construction.
Past Projects
1999 – Water’s Edge Harlingen; a 130-acre, four-phase single family and multi-family residential development. Developed from the ground up. Total equity investment $1.5MM. Total project valuation $34.5MM. Sold out all four phases.
2002- Pecan Grove Weslaco; a 98-acre, three-phase residential and commercial development. Developed from ground up. Total equity investment $1.0MM. Total project valuation $3.5MM. Sold to a third-party development group during construction in 2004.
2004- Morningside Apartments Brownsville TX; 110-unit development in one phase. Developed from the ground up for private investor. Total equity investment $1.2MM. Sold to private investment group for $7.9MM.
2005- Los Fresnos Indian Springs land and multi-family development; 140-unit housing development in three phases developed/built for private investment group from the ground up. Total equity investment $2.0MM and total project value of $12MM during refinance.
2006- Mercedes Plaza; a 20,000 SF multi-tenant development at the Simon Outlet Mall. Developed from the ground up and sold to investor group. Total equity investment $1.5MM. Total Project sales price $2.0MM.
2008- Bank of America Tower-Harlingen TX; a 110,000 SF office building purchase from BOA (retained as tenant). Building purchased for $1.6MM cash in 2008 for an international investor with 50% vacancy, currently appraised for $5.5MM based on rental income. Currently held by same investment group.
2011- San Juan Corners; a 20,000 SF ground up development. Ground up development which was 1031 exchanged for Las Palmas Retail Development in 2014 (see below). Total investment $1.0MM, sold for $5.5MM. Net return to project $2.7MM.
2012- Laredo Calton Crossing; a 22,000 SF ground up development. Total investment 1.8MM. Held by investment group. Valued at $6.9MM by lender during refinance.
2014- Las Palmas Retail Development; a 10-acre, high traffic development. Purchased as a fullservice, functioning Holiday Inn/Convention Center/Restaurant and demolished. Converted into 6 commercial lots. 4 full-service restaurant pads, 2 multi-tenant lots. Currently a ground lease Olive Garden, Longhorn Steakhouse and one multi-tenant building with medical and retail users. Total Investment $2.7MM, valued at $18.5MM by lender. 1.5-acre, Olive Garden ground lease valued at $4.2MM in 2017.
2016- Midtown Weslaco; 320-unit, multi-family development. 2 phases of 160 units each. Developed ground up and held. Total investment $11,800,000 for phase 1, valued at $15,800,000 each phase. Held by Investment Group. First phase of 160 units is complete. Total equity investment $2.4MM.
2017- Midtown Edinburg; a four-lot development (three commercial, one multi-family) Currently developed: 20,000 SF multi-tenant building. Total investment to date: $5.5MM valued at $13.4MM (all lots and one building). Spring of 2018- San Juan Shops; a three-lot commercial development. Two QSR pad sites, one 45,000 SF retail center lot. Total equity investment to date $1.8MM (no debt). Land valued at $3.9MM.
Spring 2018 - San Juan Shops; a three-lot commercial development. Two QSR pad sites, one 45,000 SF retail center lot. Total equity investment to date $1.8MM (no debt). Land valued at $3.9MM.
Spring 2018 – McColl Commons Retail; a master-planned 22-acre development. A 20,000 SF retail center is built and leased within a year of completion, McAllister’s Deli is the lead anchor tenant and falls into place with the various multi-family phase of development which will start in 2019. Total investment to date: $3.0MM valued at $9.5MM (fully leased building plus the remaining pads/lots). This is an on-going development and good example of the work RubiGroup Capital has been doing for over 20 years.
Spring 2019 – Midtown Pharr; a 168-unit multi-family development located along Interstate 2/HWY218 interchange. Currently under design development. Full drawings completed and pending equity funding to commence construction.