Avison Young brokers sale of 32-acre land parcel for mixed-use development near AustinAugust 30, 2021
Austin, TX – Avison Young announced today the sale of a 32-acre land parcel located at 1635 E Hwy 290 in Dripping Springs, TX, 20 minutes west of downtown Austin. The buyer, Juliet Five LLC, is planning to develop a mixed-use project incorporating retail, commercial and multifamily uses. Details of the development are still in planning stages.
Avison Young Senior Vice President John T. Baird, Principal Michael Kennedy and Associate Sullivan Johnson represented the Dripping Springs-based seller, RRWS, Inc.
“We are very excited to have completed this deal and to begin the transformation of this property into one that Dripping Springs can be proud of,” says Sean Perkins with Juliet Five LLC. “We want this development to compliment the style and history of the city and the surrounding hill country and believe that our plans for a unique and modern retail, commercial and multifamily concept will be a great addition to the growing City of Dripping Springs that provides more opportunities for the ‘Gateway to the Hill Country.’”
The Avison Young team worked closely with the City of Dripping Springs and the site engineering team to create a clear understanding of critical utility and infrastructure delivery timelines. The team also worked to create multiple development scenarios to illustrate the potential of the property, and executed a multi-channel offering process to attract qualified prospects from across the country.
The seller believed that this was an opportune time in the market to transact the property, as the Austin metropolitan area continues to experience growth in population and employment. Corporations including Apple, Tesla, Oracle and Samsung are attracted to Austin’s unique cultural, entertainment and outdoor lifestyle offerings. As this growth continues, adjacent communities like Dripping Springs are seeing increased demand for housing and retail services. While a part of the Austin area, Dripping Springs brings its own vibe and country feel, and has attracted its own unique companies including Deep Eddie Vodka and HHS, LLC. Nearby mixed-use developments along the E Hwy 290 corridor include Belterra and Canyon Ranch, as well as a massive influx of homebuilders like Toll Brothers, Meritage and Pulte, setting the stage for the future development of this 32-acre parcel.
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