The first phase to go vertical on the land along Loop 377 andnear Interstate 35 will be a multifamily project developed by LarryPeel Co. of Austin. The project will be on 25 acres, consisting ofcondominium rentals. The exact number of units is still up in theair.

John Fenley, senior managing partner with Creek Canyon Estates,tells GlobeSt.com that Creek Canyon Estates will move ahead withadditional infrastructure and road development on the land oncePeel closes on the acreage in early 2009. Fenley says the nextphase will consist of lot developments on 82 acres forsingle-family housing, but the market will dictate when that willhappen. The plan also calls for five acres of office and retailspace and 35 acres for open space and greenbelt.

"We'll be maintaining the canyons as open green space andplacing hiking trails down to them," Fenley says. "Outside of thelocation, the beauty of the site was very important to us."