BEE CAVE, TX-A 17-acre buy from local owner Robert Baldwin has put two Dallas partners one step closer to the 150,000-sf Village at Central Park, a mix of office, retail and restaurant space. The $30-million lifestyle center will break ground in the third quarter, with completion planned for mid-2008.

The project at Rural Route 620 and Texas 71 represents the first Austin-area development for a joint venture between Brytar Cos. and Worth Williams Properties although they have worked together before on projects in Bourne in the central part of the state, Dallas-Fort Worth and Colorado. Although the final plans are still being worked out, Brytar Cos. principal Scott Remphrey says the project will be predominantly retail.

Although site work has barely begun, the leasing team already has signed Bed, Bath & Beyond Inc. Remphrey tells that they’re ready to go under contract with a national bank for a pad site.

Remphrey says the location is right in the line of development, with area growth migrating to the west. Directly across Texas 71 is the under-construction 1.3-million-sf Hill Country Galleria and adjacent to the JV’s site is the proposed 50-acre Bee Cave Central Park.

“This is a great growth area and all the retailers want to be there,” Remphrey says. “Austin, in general, is a great investment market now. Both coasts are interested in investing there.”

Bobby Dillard and Krista Dabney, vices presidents in Austin for Dallas-based Direct Development’s Austin office, are marketing and leasing Village at Central Park. Ware Architecture of Dallas designed it. Bury Partners Inc. of Austin is the civil engineer. Texas Capital Bank provided construction financing.

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