91.8-acre property hits local market
Dec 18, 2013
Belterra’s new owners seek to develop planned commercial site
Crescent Communities LLC, a North Carolina–based real estate investment, development and operations company, acquired the master-planned Belterra community in October and plans to complete the retail component, said Kevin Huston, regional marketing manager for Crescent Communities in Texas
The 91.8-acre site, consisting of multiple land parcels, is on the south side of Hwy. 290 between Nutty Brown Road and Belterra in the Dripping Springs extraterritorial jurisdiction
The Belterra area is underserved in terms of mixed-use and retail property, said Josh Cameron, senior vice president at real estate firm CBRE Group Inc.
CBRE began reaching out to retail development companies in Austin and the Southwest region of the U.S. in mid-November as part of efforts to secure an outright sale of the Belterra Commercial property or a joint venture, Cameron said. When completed, the development will feature a variety of retail and other businesses, he said
CBRE Associate Carter Breedsaid he anticipates the site will become the main retail hub for the Hwy. 290 corridor