Available September 2023

A 1940s-built second iteration of Galveston’s Cotton Exchange Building, 2102 Mechanic St., is undergoing another renovation, turning an art deco landmark of the island’s historic influence into apartments to be opened in the fall.

Israel-based developer Hadar Goldman acquired the property in 2021, with initial plans to build 19 apartments. He hired Werner Construction to work on the $6 million project, which now includes plans for 20 apartments.

TRACING THREADS OF HISTORY

The Galveston Cotton Exchange was the first textile-trading building established in the state, according to Rosenberg Library archives. The original structure, which was completed in 1878, was touted as “one of the most magnificent buildings in Texas” when it was constructed, according to the archives.

Before the Civil War, there was no real need for an organized association of cotton buyers and sellers. Merchants bought cotton directly from growers at a mutually-agreeable price and then sold it for a profit.

After the war, the production of cotton greatly increased; at the same time, the railroad industry was expanding. The interests of cotton buyers and sellers were no longer in line with one another, resulting in numerous court battles. As a result, Galveston cotton merchants formed their own association, as did cotton growers.

Completed in December 1878, the building’s opening was marked by a grand ball in the exchange hall, a vast space measuring 83 feet by 63 feet. The floor was inlaid walnut and oak, as was the interior woodwork.

Decorative brackets featuring designs of the cotton plant in its various stages of growth adorned the perimeter of the room. The opening of Galveston’s Cotton Exchange even made the national news, with an illustration of the elite preview party appearing in Frank Leslie’s Illustrated Newspaper. The final cost for the building and site was $102,000, millions in today’s dollars.