Tom Mason II and his father staked out different areas of real estate expertise. The elder Mason ran Mason & Company, a Valley brokerage and property mangement firm, for almost 50 years. His son, also a broker, focused on commercial property valuations, asset management and property tax appeals in Dallas, handling a $3 billion portfolio which included North Park Mall and Dallas Market Center.
Mason returned full time to the Valley 18 months ago and took over as owner/broker of his late father’s company on its 50th anniversary. He has begun building on that history while opening a Mason office in McAllen and a new division, Mason Realty Advisors.
Mason was working in Dallas when older office buildings and warehouses were being converted into lofts. The many appraisals he did of older buildings being repurposed gave him a solid foundation to assess and renovate commercial properties in the Valley.
“One of my inspirations was what Jo Wagner did with The Reese (a repurposed 1920s landmark Harlingen hotel). I saw her effort and see how redevelopment can be successful,” said Mason, who admitted a desire to preserve architecture of the 1930-50s. “Downtown Corning, New York, has a feel similar to Jackson Street: a vibrant retail and office mix in a similar period.”
Addressing Cameron County’s 98% apartment occupancy, Mason & Co. purchased a rundown apartment building, at least 60 years old, across the alley from their office. Extensive renovations turned the one-time eyesore into the 20-unit Residences at Uptown, upscale one-bedroom apartments completed earlier this year with granite counters, stainless steel appliances, step-in showers and enhanced security. Luxury at an affordable price with a downtown ambiance is Mason’s description of the three-story tower and two-story terrace complex, now 95% occupied. Original wood floor and stairs, solid as the day they were built, and halls decorated with large historical Harlingen photos link the modern building to the city’s past.
“It’s been really encouraging. We’ve attracted new residents coming to Harlingen from Seattle, San Antonio and Dallas. The Class A apartment audience was not being served,” Mason said. He is a hands-on owner, walking various Mason & Co. properties every day to maintain bonds with tenants, despite the fact that he has property managers.
For more of this story by Eileen Mattei, visit the “Current & Past Issues” tab or pick up a copy of Valley Business Report’s August 2014 print edition.