59 acres on Austin's Lake Travis sells; land primed for big development

Sep 5, 2014
Austin Business Journal

A Houston-based entity has purchased the prime waterfront property that was formerly the Casa Lago Resort in Lago Vista, on the north side of Lake Travis

More than 10 years ago, the hotel was sold by the Internal Revenue Service to investors who had ambitious plans for the resort. It's unknown when the hotel closed and when it was demolished

Brokers Joyce Jane Weedman and Josh Hubka of REOC Austin, who represented the seller, announced the sale of the 59-acre parcel at 1900 American Drive. The location is about a 30-minute drive from downtown Austin

The brokers declined to name the buyer. An unofficial copy of a deed filed with the Travis County Clerk’s office indicates that the property was conveyed Sept. 2 to Northport Harbor LLC of Houston. The seller was CCI Funding 1 LLC, which has been involved in a Chapter 11 bankruptcy case since 2009

Though no price was disclosed, a marketing brochure for the property shows a listing price of $1.8 million

About 41 acres of the parcel are zoned for a Planned Development District, or PDD, as defined by the city of Lago Vista. The other 18 acres are unentitled but include lake frontage. A preliminary plat that was approved in 2007 has expired, but the zoning remains in place

The PDD allows for 225 condominiums, a 200-slip dry stack marina, a 50-slip floating marina, a restaurant and bar plus other commercial uses

The seller is CCI Funding 1 LLC. Travis County property records show the firm’s address in Greenwood Village, Colo

The site is about 25 miles from major employment centers, such as Riata Corporate Park where Apple Inc. is expanding

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