AUSTIN-After a decade of buying and banking the land, a local developer has unveiled a mixed-use project for a prized 16 acres in the southwest submarket. Covered Bridge Village, eyed for an early 2007 start, will rise on the largest commercial tract available in a 177-acre residential development.
William Schultz of Real Estate Investments and his NAI Commercial Industrial Properties Co. team had the first showing of the 65,000-sf project at the International Council of Shopping Centers' conference in Las Vegas. Covered Bridge Village is one of several projects in the hopper for a seasoned quartet of NAI professionals focused on developing a strong retail presence in Central Texas.
Covered Bridge Village will go up at the intersection of Texas 71 and Covered Bridge Drive as a gateway project to a master-planned residential community. Schultz's plan calls for 40,000 sf of office in three buildings and 25,000 sf in five retail structures, one of which is envisioned as an 8,000-sf marquee restaurant. Travis Waldrop, a retail specialist with NAI CIP in Austin, tells GlobeSt.com that Schultz is weighing whether to develop traditional office or medical office space. The development is ticketed to deliver between midyear and early third quarter 2007.
Waldrop says Covered Bridge Village is particularly significant because the southwest sector hasn't developed as rapidly as other areas due to high land prices and strict environmental regulations. "Southwest Austin development is particularly difficult," he says. "But the area is getting a lot of attention right now." The hyped-up focus is credited to a rise in rooftops in Covered Bridge, Circle C and Bee Cave. In a three-mile radius, the median household income is $98,574 per year and average annual retail spending is pegged at $29,704.
"There's now a massive hole for retail in the area," Waldrop says, citing a new Travis County municipal building right across the road from the mixed-use development tract. "It's definitely one of the fastest growing areas." And, he adds, Schultz has assembled "one of the better sites."
The NAI CIP team for the Covered Bridge project includes Sherry Naquin Sanchez and Monica Moore. The quote for retail space ranges from $25 per sf to $29 per sf.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.