Atlantic Coast Developers LLC released plans in summer 2007 for a mixed-use town center at the intersection of US Hwy. 79 and the just-completed Texas 130. Crossings of Carmel Creek is still in planning stages, but it's projected that it will contain 1.5 million sf of retail, 1.3 million sf of office, hotels and entertainment venues. The multifamily land, which will support up to 1,950 apartments, is on the market without an asking price. Multifamily development land is priced on a per-unit basis, with area sellers of comparable acreage getting $10,000 per unit.
"What they're trying to do is find a good multifamily developer that will either buy the land or partner with them to develop," Will Balthrope, a senior director in Dallas for Marcus & Millichap Real Estate Investment Services, tells GlobeSt.com. The broker for Atlantic Coast says the build-out for the multifamily component could take up to five years to complete.
Balthrope says an apartment complex could be going vertical by year's end if a deal is sealed by midyear. Hutto is a small community that has caught the eye of developers as Austin's growth marches north.
Balthrope points out that there are no multifamily projects in the city's immediate future although there is appropriately zoned land. "They're there, but none are involved in a public urban development," he says. "None of those other developments have the benefit of being a focal point of what will be a large town center."
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