LOCKHART, TX-A new freeway section may bring 1.7 million square feet of retail, industrial and residential to this city, as part of the new Centerpoint at Lockhart project. Local developers John Trube and J.P. Newman look to build a $120 million project in multiple phases along the new State Highway 130, which should open to the public in 2012.

The developers said that they’ve purchased 271 acres at the four corners of the intersection of 130 and State Highway 142, which is also known as West Main Street. The property was annexed by the city of Lockhart, which has pledged to provide utilities to the site. Zoning and entitlements have been secured for about 750,000 square feet of retail (including a hotel), one million square feet of industrial and flex facilities and 500 single-family and multifamily housing units.

The property is adjacent to entrance and exit ramps to 130, a new tollway that will connect Austin and San Antonio. Lockhart is close to the middle of both cities, Newman tells GlobeSt.com. “There’s not going to be a lot of frontage development along the road, just at nodes like this,” he says. “Our goal is to have phase one, which will include retail such as a hotel, restaurants, convenience stores and gas stations, complete when this part of the road opens in 2012.”

Newman is president of Principals Capital Funding Inc., which was involved with the acquisition and development of other tracts along 130, including the 478-acre Crossing of Carmel Creek in Hutto, TX. He says this Lockhart project is mostly privately funded. “The work on the Lockport property started a few years back. The key was following where the highway was going to go. We had a pretty good idea, and we did a lot of research, and stayed close to the community and the tollway authority. Fortunately, we got it right, right down to almost the square inch,” Newman says. Trube is the former mayor of Buda, TX.

Austin-based Retail Solutions has been tapped to market the retail portion of the project. Principal David Simmons says the city needs to improve its retail offerings. Lockhart is losing $37 million a year from residents who shop instead in neighboring communities, according to a city-funded study.