Houston based developers Rockspring Capital have purchased the 23 acre commercial strip that fronts the Bella Colinas development on Highway 71 between Hamilton Pool Road and the LTISD Transportation Center.
Slated for a development to include banks, restaurants and other businesses, the City of Bee cave confirms it has received no planning or use application to date.
Facing the Covert and Nitro developments with their attendant traffic issues, this strip has the potential advantage of connecting to the Vail Divide light.
The buyer's release is here:
HOUSTON, January 27, 2014 – Rockspring Capital, a privately-owned real estate investment firm based in Houston, today announced the acquisition of a 22.52-acre retail site in Austin, Texas.
The property, which was acquired at an attractive price, is located on the heavily-traveled Route 71 in the Bee Cave’s area, just 2 miles west of the Hill Country Galleria. The firm plans to invest approximately $1.4 million to enhance the property’s value further.
“Austin’s booming economy and population growth is driving tremendous retail demand in this flourishing submarket,” said Jim McAlister, President and CEO of Rockspring Capital. “We were receiving a lot of interest from retailers even before the deal closed.”
Bee Caves plans to add more than 6,400 new homes, which will only increase the demand for the retail site. This property will serve future residents with several restaurants and banks, along with other service providers.
“We were aware of this opportunity before others and able to jump on it quickly because of our local real estate experts and all-cash model,” McAlister said. “We’re looking forward to selling off these pad sites soon which will quickly reward our investors.”