10 Years, $6M Later… and No Development at Wildhorse Ranch
- Jun 13, 2012
The 1,700-acre Wildhorse Ranch project was a great dream, and would have been the largest deal of its kind at the time—as the city agreed to reimburse up to $30 million to install water and wastewater lines, among other infrastructure, at the Northeast Austin site.
Developers gave up on the innovative project due to lawsuits and allegations involving two Russians and a small-town Central Texas mayor, as reported by The Austin-American Statesman. The city of Austin had spent over $6 million, gathered from taxpayers, to install water and sewer facilities before the project failed. $200 million had also been spent to reimburse developers since the early 1990s.
This, however, was not the sole project planned for the tract. The city has since entered into 70 such agreements, including a nearly $14 million deal for projects associated with Formula One—the international racing event set for later this year, according to The Austin-American Statesman.
Additionally, thousands of houses, townhouses and apartments with varied prices had been planned next to stores and workplaces. The Statesman also mentions that zoning for the property allowed up to 5,900 homes and 5.4 million square feet of retail and office space to be built. To this day, there is still no real development in place at this site.
Meanwhile, two real estate transactions have taken in the Austin area totaling 482 apartment units. According to Austin Business Journal, California-based MIG Real Estate purchased The Cottages—a 330-unit North Austin apartment community.
Additionally, a 152-unit apartment complex in Round Rock was sold to an undisclosed buyer. Although terms of the sale were undisclosed, the buyer is based in California. Marcus & Millichap Real Estate Investment Services Inc. represented the local seller and the buyer, as reported by the Austin publication.
Photo showing the map of Lake Walter E. Long, located near the development site.
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