"We have an agreement with the seller (of land) and we've begun discussions with the city," Tom Scheider, a senior vice president at Indianapolis-based Simon, tells GlobeSt.com. "But it's still early." He says the center, proposed for 200 acres at Loop 4 and Interstate 35, could be a "hybrid community center and town center."
Buda and other areas south of Austin have not grown as fast as those north of Austin, but they are growing. Just as importantly, the Buda property is along Interstate 35, leading to the outlet shops in San Marcos and New Braunfels and into San Antonio.
Buda had a population of 2,000, according to the 2000 census, Grey White, city administrator, says. Since then, it has grown to a population of 3,400 to 3,500 within the city limits, he says, based on water hookups. So far the biggest commercial development is a shopping center surrounding a 62,000-sf H-E-B grocery store.
A building moratorium expires in about a month. Grey says Buda imposed the moratorium while it developed a comprehensive land use plan. The only thing left is to write the ordinances spelling out the plan.
Schneider says Simon is interested in expanding in the Austin area. It also is looking at property in Georgetown, north of Austin on I-35. "Obviously, we're heavily invested in Austin and we try to understand where the growth pattern might be going," he says.He says the company has yet to decide the format of a Buda shopping center. "We look at the opportunities and potential tenant mix," he says.
In Austin, Simon owns and operates Barton Creek Square Mall, 1.2 million sf; Lakeline Mall, 1.1 million sf; the Arboretum, 212,000 sf; and Lakeline Plaza, 345,000 sf. It also has 50% ownership of the 1.1 million-sf Highland Mall.
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