Recent news indicates a flurry of activity for local developments: A potential new marina on Lake Travis moves forward; A change in ownership at Mueller takes place; and 50 acres of high-density development is thwarted.
Crosswater Yacht Club – Lakeway City Council Approves
Monday night the Lakeway City Council showed their support for Crosswater Yacht Club, the proposed 249-slip marina at the end of Hurst Creek Road. Despite opposition from neighbors, the City Council approved the development agreement primarily due to a pre-existing permit issued in 1987 to the first developers of the property. In return, certain restrictions will have be met by Kemp Properties, the current developer of the 111-acre site.
Mayor David DeOme was quoted by KXAN as saying, “Bottom line is the City wanted to negotiate all of the nuances out of the marina. Things like no public boat ramp, no restaurant, no music venue. The only thing we’re going to have is a marina that stores boats and we think that’s acceptable.” Click here for KXAN’s full story.
Developer Kemp Properties is no stranger to the market. They are currently developing as many as 23 projects according to their website. Current projects include the Far West Medical Tower, Salvation Army Family Store in Round Rock, The Starr Building in Downtown Austin, and a new Austin Regional Clinic. The company is based in Austin and has been around since 1978, when it started as a small residential management company. See their website for more about the company.
Mueller Development Company Changes Hands
Catellus Development Group, the company that is developing Austin’s former airport and turning it into a mixed-usage, master-planned community. The Austin American-Statesman reported today that Catellus was bought by TPG Capital. TPG is a huge private investment firm with over $48 billion is assets. They are purchasing Catellus for just over $500 million from ProLogis, a Denver-based investment group. The sale includes four shopping centers, two office buildings, eleven mixed-use projects and two residential development joint ventures. One of the other projects in the deal is for Union Station in Los Angeles.
TPG Capital was founded in 1992 and has invested in properties and companies worldwide. The company made recent headlines in their failed attempt to acquire Seagate Technologies, a data storage company. Other recent investments by TPG Capital include a partnership with Singapore’s sovereign wealth fund in Indonesian coal.
Catellus will continue to oversee the Mueller development and no changes to the current development schedule are anticipated at this time. Mueller has recently experienced a greater interest in retail, office, and residential development on the site of the former airport. Mueller’s market district will eventually include numerous stores with an announcement about a grocery store taking an anchor position expected in the near future.
Click here to read the full Austin American-Statesman article.
Jacob’s Well Property To Be Preserved
50 acres surrounding Jacob’s Well swimming hole in Wimberley has been sold to Hays County and the Nature Conservancy of Texas in a deal that will prevent any future building on the site. The deal was reported by the Austin Business Journal to be worth $1.7 million, using about $850,000 from parks and open space bonds. The property is said to be environmentally-sensitive and lies within the spring recharge zone. The current deal adds 50 acres to the 46-acre Jacob’s Well Natural Area and will be the first county-owned preserve in western Hays County.
The purchase ends two lawsuits filed by developers and the city of Woodcreek regarding the property. Originally slated for high-density development, the site will now remain mostly in its natural state.
To view the original story in the Austin Business Journal, please click here.