Developer pursues 332-acre subdivision near Lockhart, part of aggressive homebuilding strategy in rural area

A Bastrop-based real estate development firm is seeking to create a 332-acre subdivision just outside Lockhart, part of an aggressive strategy to build out an area of the Austin metro that the company feels is next in line for rapid population growth.

Representatives from Ranch Road Development LLC gave a presentation about the Bollinger development during a Nov. 23 meeting of the Caldwell County Commissioners Court. The firm is in the early stages of negotiating a development agreement with the county for property on a curve of FM 2720 near Sundance Court.

Because the development is still in early stages, details are sparse, so there was no information provided on timeline or possible number of homes. Ranch Road Development Principal Scott Miller said during the meeting he and his colleagues plan to create an upscale residential subdivision, but could potentially incorporate some commercial or industrial components based on other activity in the area.

Not far from where they intend to turn dirt, a massive solar power and battery facilities is planned by Chem-Energy Corp., a California-based petroleum trading firm and energy company that recently announced plans to invest $1 billion in the projects.

Miller said Bollinger is a chance to bring “Texas Hill Country flavor” to the site, which is located on an ecologically diverse plot with hills and a Plum Creek Conservation District dam. He said the homes would have affordable prices in an area that is seeing increased demand from builders and homebuyers. He said the development would likely include a townhome product and public and private amenities, including neighborhood parks and a pool.

“It’s a great piece of property and it has more [topography] than we usually see in Caldwell County,” Miller said, adding that they are also working on establishing a municipal utility district with the Texas Commission on Environmental Quality. “We’ll try to give it a little more Texas Hill Country flavor in the master plan.”

Miller said in an interview that they are interested in the area because it is in the path of “the next corridor of growth.” He said that they can offer new homes under $400,000 in an area with good schools, an enticement for both builders and buyers.

Central Texas still faces a severe housing shortage. Metro-wide housing inventory stood at one months in October, according to data from the Austin Board of Realtors, well below the six months housing experts want to see in a balanced market. But builders are rushing to put homes in the ground, especially on the periphery of the metro where land is cheaper.

That includes Caldwell County, where housing prices and inventory have been rising rapidly, but not as fast as its neighbors. There were 34 sales in Caldwell County in October and the median home price increased 19.7% year-over-year to $291,500, according to ABOR. That compares with median prices of $430,000 in Williamson County, $522,625 in Travis, $399,750 in Hays and $334,000 in Bastrop.

“Our strategy is really to stay on the first-time homebuyer and move-up market,” Miller said, adding that their company is purposely selective in the areas they build.

Courtesy of Austin Business Journal. See the full article here.