The fully entitled master-planned community is partially built out with more than 1,000 single-family homes as well as Applied Materials' U.S. manufacturing campus. As well, 282 acres have been set aside for future parks, schools and greenbelts.
The remaining developable land includes 210 acres for industrial, 139 acres for multi-family, 99 acres for retail and 57 acres for office and about 600 acres for single family homes. Also included is an approved 18-hole golf course parcel featuring a clubhouse with an outdoor pavilion and a junior academy/driving range combination.
NAICIP broker Philip Bible tells GlobeSt.com the asking price for all the land is $33 million. Offers for select portions of the development and even individual sites also will be entertained, says Bible.
Bible says the reason for the sale is that Galesi acquired the property several years ago, invested heavily in infrastructure, including new roads and utilities, and now wants to find a developer to complete the project.
Galesi recently added roadways through the project including extending Parmer Lane, which defines the eastern boundary of the property as it intersects with U.S. Highway 290 East. Parmer Lane is home to many of Austin's major employers such as Samsung, Motorola and Dell Computer.
In addition to the Parmer Lane extension, SH-130, a major north-south freeway, will be under construction in 2003. It will pass through Harris Branch where it intersects with U.S. Highway 290 East, creating a significant commercial development opportunity, according to Galesi.
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