Both residential and commercial growth is abundant in western Travis County, local leaders reported during the annual Economic Forecast Luncheon hosted by Lake Travis Chamber of Commerce on Jan. 18.

Lakeway

“The population in Lakeway has grown by a little less than 500 people per year [from 2006 to 2015],” Lakeway City Manager Steve Jones said. “That’s a little bit over 4 percent growth. That’s a good, stable growth.”

He said the city’s sales tax revenue has been “amazing,” with a growth rate of about 11 percent annually for the same time period. He attributed the positive numbers to the recent development of the Oaks at Lakeway shopping center off RR 620.

“I don’t expect [sales tax revenue growth] to continue that way, but I don’t expect it to decline, either,” Jones said. “I think it’s going to continue to increase, probably at a more moderate level.”

Jones said Lakeway’s property values have increased “significantly,” with the city’s total taxable property value at $3.5 billion and the average taxable home value increasing about 5 percent annually since 2010.

Lakeway’s residential and commercial permits are on the uptick as well, Jones said, with numerous commercial developments underway, including restaurant Hat Creek Burger Co., age-restricted condominium complex Tuscan Village, a Circle K gas station/grocery store, assisted-living facility Belmont Village, a Springhill Suites hotel, Spectrum Senior Living center, ambulatory surgical center Muve Healthcare and a small condominium complex proposed at 3209 S. RR 620.

A 30,000-square-foot police station proposal is expected to go before voters in May’s bond election, Jones said.

Bee Cave

“We are bringing into the city limits [by annexation] quite a bit, especially down the Hamilton Pool [Road] corridor and then down [West Hwy. 71] toward Austin,” said Kara King, a member of Bee Cave City Council.

The Hill Country Galleria is undergoing a renovation project that includes city plaza changes, shade structure additions, parking changes and patio space additions, she said.

Other commercial projects in the city include sports complex Hill Country Indoor; The Park at Bee Cave, which includes medical offices and a day care; Gateway to Falconhead, which includes upscale dining and retail services; the Summit 56 center, which includes an emergency services animal hospital; and preschool Bee Cave Preparatory School.

The Backyard plan for a Bee Cave Parkway tract was amended in December to include a distributed energy center—a self-reliant fuel source for the complex—plus data centers, office buildings, a concert venue, a restaurant and a hotel, King said.

A new proposal for mixed-use development The Terraces will probably go before council in February, she said.

Residential developments include Canyonside condominiums on West Hwy. 71, the Lake’s Edge neighborhood next to Lake Pointe, Galleria Walk townhomes adjacent to the Hill Country Galleria, the last section of the Falconhead neighborhood at Spillman Ranch Loop and Spanish Oaks condominium project East Village.

“One of the things council is diligently working on is connectivity,” she said. “We are trying to make a trail system that will connect the entire town.”

Paul Clarke (left), service manager of Lexus of Lakeway, and Lake Travis ISD Superintendent Brad Lancaster socialize before last month’s Economic Forecast Luncheon.[/caption]

Real estate

The area’s rental real estate market is doing well, with local apartment complexes “function[ing] at 95 percent full,” Realtor and Broker Associate Doug Land said of the region’s seven established apartment communities.

Land said about 1,650 residential properties were sold within the Lake Travis ISD area in the past year, setting a new record for the region. The average price of a Lake Travis home is “just under $550,000” with the entry point for new construction continuing to rise, he said.

“[Austin] is still the land of opportunity,” Land said. “The Lake Travis area will continue to be a leader in the Austin metro area.”

Education

LTISD Superintendent Brad Lancaster said the district’s board adopted priorities for the 85th legislative session, including asking the state to retain funding sources for the district. The board also agreed to oppose any school voucher initiative that would divert public money to an entity that is not subject to the regulations that public schools must adhere to, he said.