AUSTIN-A North Texas developer has gained control of 45 acres to develop a $50-million-plus project with two hotels, 250,000 sf of retail and 100 townhouses. There are miles to go before ground breaks, including securing entitlements for the Interstate 35-fronting land.
Kinsman Ventures LLC of Plano has hired Dallas-based Mayse & Associates Inc. to design Austin Esplanade. WDG Architecture is a design partner for the residential component. "We're just getting started," says Homer Guilliams, Mayse's leader of the design team. According to Kinsman's website, Austin Esplanade will include 30,000 sf of restaurant space and townhouses priced from $150,000 to $200,000.
Guilliams says the development site, situated between Round Rock and Austin, has roughly 1,000 feet of interstate frontage near Wells Branch Parkway. He says Kinsman's Tony L. Bowen, executive vice president of real estate, is making plans to build out the majority of the land and sell some tracts to other developers. Talks already are under way with two hotel companies.
Despite the abundance of retail in the I-35 corridor, Guilliams says Austin Esplanade isn't going to be run of the mill. "We're looking for more of a lifestyle center," he tells GlobeSt.com. "What's in the area is more power center. We're hoping to add a few features that are above and beyond a power center." He says the initial design should be finished in 90 days, but it's sure to be next year before construction can ramp up.
Guilliams says the style has yet to be decided. What is certain is it will blend in with Austin's distinct architecture. And, he adds, there's also a chance that the final design will end up as a multi-story development, pending local approval.
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