Austin Real Estate Blog

Plans are in the works to develop a 1,000 acre area northeast of Round Rock near the new Seton Medical Center and the Higher Education Center. The land is owned by the Avery family and they have partnered with the Waterstone Development company to begin a mix use development project in the area.

The project, named the Avery Center, calls for as many as 1,200 single family homes and 5,500 rental units. Townhouses, student housing, and higher end homes are planned, along with a 132 acre retail area which will include stores, restaurants and professional office space. Open space is planned, with a lake, trails and park areas, with 100 acres being set aside for this purpose. The plans also include a church, school, and a child care center.

The developer is working with Round Rock city officials on a plan for bus service for residents of the development to Seton, Austin Community College, the State University, and other places of study and employment.

The project is expected to take 10 to 15 years to complete and add $1.6 billion to the tax rolls. This area of Round Rock is one that is doing well developmentally, in spite of financial troubles that have slowed or halted other projects. The national real estate and credit crisis that has affected so much of the markets hasn’t had the same impact in the central Texas area.

Robert Wunsch, chief executive officer of Waterstone, is being picky about who he chooses to build the homes and rental units. He wishes to stay close to the vision that the Avery family has for their land and intends to maintain a high set of standards for construction and design. The houses will range in price from $180,000 to over $1 million.