And, Austin's explosive economy is the bait that has lured thedeveloper, which specializes in multifamily, subdivisions andoffice projects, to the city. "There's a very strong demand, 98%occupancy and a market with a strong population growth and jobgrowth," Bob Stratton, Real Estate Development Services' president,told GlobeSt.com.

"The Verandah," a class-A development near Lake Travis, isStratton's largest undertaking in the company's four-year history.The project broke ground yesterday and is scheduled for completionin two years. In a city where a "view tax" is assessed on renters,this development is situated in the heart of the Hill Country,known for its rolling hills, outstanding rock formations andeclectic villages with tourist-based economies. The property alsois within sight of a nature preserve.

The transaction represents the first of five commercial frontagesites, totaling more than 150 acres, being marketed byNAI/Commercial Industrial Properties Co. for owner Grandview Hills,Tomen-Parke Inc., a New York-based land investor and developer.Tomen-Parke has owned the land since the early 90s, recentlycompleting installation of required water and wastewatersystems.