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AUSTIN-Eastbourne Investments Ltd., prepping for its largest project in Texas, has acquired 390 acres of rural land just a half-mile east of Austin Bergstrom International Airport. The build-out plan, estimated at close to $200 million, calls for 1.4 million sf of retail and 850 to 1,000 multifamily units.

Frank Egan, president of the Williamsville, NY-based Eastbourne, is teaming with Eric Davis of Retail West Properties from Boise, ID to develop Eastbourne Crossing, a power mix of national retailers and restaurants. Egan tells GlobeSt.com that he plans to hand off 220 acres by year’s end to a multifamily developer, who’s now in escrow. The plan is to break ground in mid-2007 at Texas 71′s junction with the under-construction Texas 130 toll road.

The development partners are gaming out a first phase of 500,000 sf, being timed to break ground around the same time that the toll road opens for business. If all goes as planned, the balance will start to come out of the ground about 18 months later. The plan, right now, calls for four anchor sites and at least a dozen pads. Eastbourne and Retail West will develop the shop space. Egan says the first anchor could be in hand within two months.

Egan picked up the play for $29 million in an off-market deal with the Carr family after another investor’s contract fell out. Adam Love with SCC Development Co. in Austin represented the seller. The Travis County land faces the airport’s tower yet it’s in an area with little retail for 16 miles to the east and nine miles to the northwest.

Phoenix-based DFD CornoyerHedrick will be designing the retail development. Egan expects the general contracting award will be let in the spring. In the meantime, Egan says the multifamily developer will begin dirt work on streets and utilities as soon as the deal closes. “Neither one of us is waiting for the other to start anything,” he stresses.

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