A $500 million development that calls for more than 2,500 houses, 1,500 multifamily units and commercial space is in the works for fast-growing Southeast Austin
The developer is Houston-based Hines, an international real estate firm. Its partners are Vancouver-based Trez Capital, based in, Dallas-Fort Woth-based Caravel Ventures and Tokyo-based Sumitomo Forestry.
The project — which is being called Mirador — will be developed at a cost of more than $500 million, according to Hines executives. The company said financing is in place, but did not provide additional details.
The Hines-led development group said this week that it has closed on the sale of the 1,400-acre site for the project. The property is bounded in part by Pearce and Wolf lanes, south of Texas 71 and near the Texas 130 tollroad. The land was purchased from Qualico. The purchase price was not disclosed.
The property is near the Circuit of the Americas racetrack and southeast of Tesla’s new $1.1 billion electric vehicle manufacturing plant in a booming part of Central Texas.
Construction on the first homes at Mirador is expected to begin late this year or early next year, with home sales due to start in 2023.
Builders in Mirador will include Gehan Homes, Lennar Homes, David Weekley Homes, Highland Homes, MHI Homes.
The 2,500 single-family houses are to be developed in phases over six years or so, Hines said.
Along with homes, Mirador’s plans call for 50 acres of apartments and townhomes — more than 1,500 units in all, including duplexes and quadplexes — plus 75 acres for retail and other commercial uses.
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