Construction on Sweetwater Development Under Way; Cedar Park Development to Break Ground in Late January
- Jan 04, 2012
In 2010, Wheelock Street Capital purchased a 1,400-acre site located near Lake Travis ISD’s bus depot. One year later, in October 2011, it began construction of Phase One of the Sweetwater residential development.
According to Community Impact Newspaper, Phase One includes a community welcome center and club house near the entrance, as well as a resort pool and pavilion. The welcome center is expected to open in the spring, and the club house is expected to include flexible space available for meetings and parties.
The development will include a total of 1,800 residences when complete. Construction work on the first homes is expected to begin in early 2012. Later phases will also include sports fields, a swim center and commercial components, according to the publication.
In other real estate news, Austin-based MileStone Community Builders LLC has secured the land for the building of a proposed $25 million luxury home development in Cedar Park, located near the intersection of Parmer Lane and Brushy Creek Road, according to a company news release.
The homes at The Reserve will be architecturally distinct though similar in design to the beautiful homes offered in West Cypress Hills. The development will include a state-of-the-art amenity center nestled among mature oak trees, a playground and a grand entry to the community, which includes a large pond and fountain, according to the news release.
The residential real estate market in Austin seems to be doing fine despite the financial crisis in the U.S. When doing a relative comparison of different sectors and metro areas, Austin multifamily ranks high. Multifamily development looks very attractive for developers in the Austin market. The expectation is an average inventory growth of 1.5 percent, 2.1 percent and 2.8 percent during 2012, 2013 and 2014, respectively, according to Ronald G. Johnsey, president of AXIOMetrics Inc., as quoted by the Austin Business Journal.