The new project is a 52-unit condominium development on the bank of the North San Gabriel River. Peel closed on the purchase of about five acres for the condos last week. The seller was the partnership of Don Martin and Bill Smalling, developers of the San Gabriel Village project in Georgetown and La Frontera in Round Rock. About 25 miles north of Austin, Georgetown is the seat of Williamson County, one of the fastest growing counties in Texas.
The condos range in size from 1,200 sf to 1,800 sf with an average of 1,300 sf, says Peel, who heads the Larry Peel Co. They will sell for a bit more than $160 per sf, he tells GlobeSt.com. Gary Childs is the architect and Peel's company will handle the construction. The project will have tile roofs and an Italianate design.
"We should start construction almost instantly," Peel says. "We're waiting for the release of the site development permit, which should be today or tomorrow, and then we're under way." The units should be ready for occupancy by August or September.
Peel's other Georgetown project is Water's Edge, a 300-unit apartment complex. He had permits for another 100 units, but pulled them because of softness in the market. He expects better from the condominiums. Using the north Austin submarket for comparison, Peel says a project he sold last year has 20 to 25 units left to sell out of 180 total.
The Georgetown condo project gets under way as Peel begins work on a 238-unit project on Capital of Texas Highway in Austin. "We've got a busy year after going to the sidelines for a couple of years," he says.
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