News

PURCHASE OF LAND FOR GEORGETOWN DEVELOPMENT

Web Posted Posted: 02/22/07 6:38 PM

SAN ANTONIO – Galo Properties of San Antonio, through its subsidiary, ABG Development Ltd., announces the completion of its purchase of 1,900 acres of land. The purchase will allow Galo to move forward with its recently completed development agreement with the City of Georgetown, Texas, to create the first environmentally sensitive residential development in Williamson County.

The company also announces the long-awaited name of the new project: Water Oak at San Gabriel.

According to Walter Busby, president and COO of Galo Properties, the company purchased the land for Water Oak from six private sellers with acreage ranging from 190 to 800 acres. Closing occurred February 22 for an undisclosed amount.

The purchase completes 15 months of negotiations with the landowners and the city of Georgetown to set the stage for the new subdivision, which will be completed in phases over the next 7 to 10 years.

“This is a great example of a public/private partnership that creates economic growth while preserving the beauty and character of the land,” Busby said. “It is a major step forward for conservation development in Texas and definitely a ‘win-win’ for Georgetown and Galo.”

The 1,900-acre master-planned community will be located in Georgetown, approximately five miles west of IH-35 near Parmer Lane. Situated along the San Gabriel River, the development will target builders of homes valued from $250,000 to $1 million and 35-40 percent of the total acreage will be set aside for parks, hiking trails and open spaces. More than 100 acres will be designated for commercial/mixed-use development. With approximately 4,000 single-family lots, Water Oak at San Gabriel will appeal to consumers from a variety of income levels who are looking to build in the most desirable area of Austin and within the Georgetown Independent School District.

Busby said that Phase I of the project will begin immediately, with Galo investing $11 million to create 6.5 miles of sewer line infrastructure and prepare the first 500 lots for sale. Phase I should be completed by second quarter of 2008.

Galo has struck agreements with four major homebuilders to develop the property: Ryland Homes, Taylor-Woodrow, Morrison Homes and Meritage Homes.

According to Busby, conservation subdivisions feature clustered compact lots surrounded by large common open spaces. The aim is to protect open spaces, conserve natural resources, reduce the costs of lawn maintenance and still allow for the maximum number of residences under current community zoning and subdivision regulations.

“Water Oak at San Gabriel will focus on accentuating the San Gabriel River corridor as well as Williamson County’s magnificent natural beauty,” Busby said. “We will also create groomed areas such as jogging trails and parks woven among the stately trees. This is going to be a real model for future conservation development in the state of Texas.”

About Galo
Galo Properties is one of the largest single-family lot developers in South Central Texas. With offices in San Antonio and Austin, the company currently employs 30 people and had more than $200 million in total property sales in 2006. Single-family lots accounted for more than half of those sales.

Galo delivered thousands of lots in the past two years to national homebuilders and has developed large mixed-use properties such as Alamo Ranch at Loop 1604 and Culebra Road, totaling more than 3,000 acres of single-family, retail, multi-family and office sites.

The company also recently completed work on La Arcata, a 36-acre, 400,000 square-foot retail center on Loop 1604 West in San Antonio’s Stone Oak area.
Galo anticipates substantial growth in the coming year, due to the continued strong real estate market in San Antonio and Austin. Both cities are in the early stages of powerful economic changes that will sustain growth over the next 10 years – far outpacing the national economy.

Galo Properties is prepared to meet the challenges ahead with a staff of professionals and depth of experience second to none. The company is proud of its South Texas roots and its connection to the land.

For more information on Galo Properties, call 210-497-3385.