$700 million development planned for Georgetown

Aug 15, 2014
Austin American Statesman

A $700 million master-planned project is in the works for Georgetown that could bring 2,000 houses, hundreds of apartments and other development to a fast-growing part of the Central Texas region

The developer of the proposed 755-acre Wolf Ranch project is Hillwood Communities, a Texas-based real estate firm owned by Ross Perot Jr. The land consists of two separate tracts along Texas 29 off Wolf Ranch Parkway, about 1 mile from the city’s courthouse square

Hillwood expects to break ground in the spring of 2015 and have the first model homes ready a year later, in what Hillwood executive Brian Carlock said is the largest master-planned community for Georgetown to date. Home prices would range from the high $200,000s to about $550,000

To meet changing demographic needs, Hillwood also plans to develop a smaller-size home with smaller yards, with prices for those projected to be in the $300,000 to $400,000 range. Builders have not yet been selected

Plans call for more than 300 apartments. Hillwood has not yet decided if it will develop the multifamily portion itself or bring another apartment developer on board

Wolf Ranch is expected to be home to about 4,000 residents when completed in phases over the next eight to 10 years, said Brian Carlock, senior vice president with Hillwood. The project has approvals for up to 2,024 homes, 388 apartments and 20.5 acres of commercial development. About 140 acres will remain open space, Carlock said

Carlock said the Georgetown area’s Hill Country views, quality of life, school districts, and existing and future road connections make it a sought-after place to live

“We really think that Georgetown is on the cusp of an explosive time period and is going to inherit a lot of the high-quality retail, office and residential growth, largely because most of it is built out to the south. It’s the next natural market,” Carlock said

Print Article opens in new window