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FROM RANCH LAND TO DENSE DEVELOPMENT

Web Posted Posted: 03/01/06 4:34 PM

Austin Texas Real Estate News
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March 2006

FROM RANCH LAND TO DENSE DEVELOPMENT

AUSTIN (statesman.com) – ABG Development of San Antonio is planning to develop a 950-acre mixed-use project at I-35 and Old San Antonio Rd. Six hundred acres is being sold by Harriet Heep Shaffer as part of a bankruptcy settlement, and John Lloyd is selling the additional 350 acres.

ABG estimates the Heep acreage alone could house 1.2 million square feet of commercial development and 1,700 homes. No definite plans have been made for the Lloyd property, said Walt Busby, ABG chief operating officer.

Homes will range from $150,000 for condos up to $400,000 for the largest single-family houses, and retailers will be smaller, resembling a town center without big-box stores, Busby said.

Initial construction is expected to begin this fall, with homes complete by the end of 2007. Retail will come later.