Here are three residential real estate projects making progress as paltry housing supply and rising prices continue to be top of mind for local economic leaders.
Demand drives development in new Georgetown neighborhood
Austin-based Owen Holdings Inc., developer of the massive Parmer Ranch master-planned community in Georgetown, began construction on the community’s second and third phases in February. This development is ahead of schedule, prompted by what the developer says is “unprecedented” demand.
The 454-acre community is set to have 1,000 residential units at full build-out, as well as 100 acres of commercial development and just under 50 acres of parkland. Builders including Gehan Homes, Empire Communities and GFO Home are active in Parmer Ranch.
Project leaders expect the 220 new sites, spread between different phases of the community, to be completed by May. The developer plans to begin construction on about 350 more sites in the next quarter.
Homes in Parmer Ranch will be priced starting in the $300,000 range.
Big name in build-to-rent begins homes at The Colony
Builders have begun vertical construction on 216 build-to-rent homes in The Colony, a master-planned community outside Bastrop.
Avanta Residential, a dedicated build-to-rent affiliate of El Paso-based Hunt Companies, is developing the rental neighborhood, to be called Avendale, within the larger community, which spans 2,300 acres southeast of Austin. Avanta is working with general contractor Shreve Land Constructors, based in Shreveport, Louisiana.
The build-to-rent segment will be located at the corner of Sam Houston Drive and FM 969. It will include dedicated amenities including a pool and walking trails.
The developer expects the homes will be completed later this year.
Marble Falls neighborhood moves forward
Developers of Gregg Ranch, a 240-acre master-planned community in Marble Falls, have begun the project’s second phase of development.
The community is being developed by Arizona-based Harvard Investments Inc. All told, the community is expected to have 1,000 homes, a mixture of single-family and multifamily. Pulte Homes, a division of Atlanta-based PulteGroup Inc. (NYSE: PHM), is the community’s builder.
Developers have submitted construction plans to the city for 112 single-family lots. According to the developer, the homes in the project’s first phase are almost sold out. In addition to the new homes, several other project components are moving forward.
The developer has begun designs on a community center, which will include a large pool. This is the tip of the iceberg of the planned amenities — Harvard Investments intends to erect volleyball and pickleball courts, greenbelts and dog parks as well.
The Texas Department of Transportation also wrapped up work on U.S. Highway 281 near the community’s entrance, making it easier and safer for residents to enter and exit from the main road.
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