And, Austin's explosive economy is the bait that has lured the developer, which specializes in multifamily, subdivisions and office projects, to the city. "There's a very strong demand, 98% occupancy and a market with a strong population growth and job growth," Bob Stratton, Real Estate Development Services' president, told GlobeSt.com.

"The Verandah," a class-A development near Lake Travis, is Stratton's largest undertaking in the company's four-year history. The project broke ground yesterday and is scheduled for completion in two years. In a city where a "view tax" is assessed on renters, this development is situated in the heart of the Hill Country, known for its rolling hills, outstanding rock formations and eclectic villages with tourist-based economies. The property also is within sight of a nature preserve.

The transaction represents the first of five commercial frontage sites, totaling more than 150 acres, being marketed by NAI/Commercial Industrial Properties Co. for owner Grandview Hills, Tomen-Parke Inc., a New York-based land investor and developer. Tomen-Parke has owned the land since the early 90s, recently completing installation of required water and wastewater systems.