David Weekley Homes has purchased 15 acres near Lakeline Mall and the commuter rail station in far Northwest Austin to build a project with 180 high-end townhouses.
The land that the Houston-based homebuilder acquired is part of Austin Presidio, a 130-acre master-planned development that will add more than 5 million square feet of commercial and residential development in a growing part of the Central Texas region. David Weekley did not disclose the purchase price of its land acquisition.
The first houses are due to be completed in the third quarter of this year. Pricing is expected range from about $300,000 to more than $500,000, said Steve Williamson, a managing director with the commercial real estate firm Transwestern.
Williamson represented Presidio’s owner, Las Vegas-based Diversified Real Estate Group, in the land sale, as well as the buyer, a partnership controlled by David Weekley Homes.
David Weekley’s land is on the north side of Texas 45, east of Lake Creek Parkway and just south of the Lakeline Mall CapMetro Station. The land is adjacent to The Michael, a 410-unit apartment community developed by Dallas-based Streetlights Residential that began leasing its upscale units in September.
Streetlights Residential also built The Catherine, an apartment tower adjacent to the Hyatt hotel on the south shore of Lady Bird Lake near downtown.
The Presidio site “is one of the premier locations in Northwest Austin, which has seen increasing demand for quality housing that is within biking distance to shopping, dining and entertainment and has access to public transportation like the Lakeline Metro Rail station, which is across the street,” Ian Dietrich, land manager at David Weekley Homes, said in a written statement.
David Weekley Homes has started building streets and utilities for the new community. The homes will have energy-efficient designs, private yards and open floor plans, and amenities will include a pool, pavilion and open spaces.
Along with David Weekley’s homes and Streetlights’ apartments, the Presidio development calls for two hotels, corporate and medical uses, multiple restaurants and neighborhood retail.
“We’re talking with various users right now,” Williamson said.
Presidio kicked off its first phase in 2015, which includes the extension of Lakeline Mall Boulevard and the addition of a roundabout at Lakeline Mall Boulevard and Lyndhurst Drive,which connects Texas 45 with the commuter rail station.