Residential developments continue to be a significant area of focus in Bee Cave, Lakeway and Spicewood.
“In areas like Westlake, there isn’t anymore land—everything’s developed, so there isn’t room for new construction,” said Michelle Jones, a real estate agent for Grossman & Jones in Bee Cave. “We’re fortunate in our market in Lake Travis because we have land going out toward [Hwy.] 71.”
Jones said although there are a couple of multifamily developments in the area, single-family homes, often associated with a plethora of community-based amenities and a more upscale feel, are the trend. Not only are these new developments offering luxury homes and amenities, most include access to miles of public hiking and biking trails, allowing residents to connect with and preserve nature.
Though most of the area’s projects show a trend of high-end luxury, Jones said the real estate market in the Lake Travis area has returned to how it was prior to the pandemic.
Jones said median home prices have begun to decrease, but the area is still a seller’s market. She also said the days on market, the number of days a home sits on the market before selling, is at about 70 for June, while homes were selling almost instantly a year ago.
“It’s a nice time for buyers to buy because they can actually shop for a few minutes,” Jones said.
Single-family developments
Single-family developments that have begun construction are Thomas Ranch, Loraloma and Travis Club in Spicewood, The Village at Spanish Oaks in Bee Cave and Rough Hollow in Lakeway.
Thomas Ranch in Spicewood, approved by Travis County in 2017, will be a 2,200-acre residential development. It will have approximately 3,500 homes, apartments, restaurants, shops, a hotel and more. The project is expected to take an estimated two decades to complete and will host a population of 6,000-10,000.
Amenities for Thomas Ranch include more than 40 miles of trails.
Loraloma, a residential development within the Thomas Ranch master plan, broke ground June 15.
“The social aspect of this [project] is that we really want to foster community and connection through the designs and the trails,” Thomas Ranch Architect Design Director Meegan Beddoe said at the groundbreaking event.
The 1,300-acre community will feature many amenities, including hiking and biking trails, a golf course, a swimming hole, a wellness center, a fitness center, a boutique hotel, and more.
The first 25 residential lots are slated to hit the market this summer, but the remaining homes and amenities will take up to a decade to complete.
Travis Club, another residential development in Spicewood, will feature 700 homes on more than 1,500 acres as well as a signature golf course and over 30 miles of trails.
Jones said she recently toured Travis Club, and developers are in Phase 1 of the project.
“They’re developing a new golf course, a marina and lots of community amenities,” Jones said.
The Village at Spanish Oaks, located in Bee Cave, has reached the final phase of development, but will not be complete for approximately 18 months. Located off Hwy. 71, it sits on 80 acres of the Spanish Oaks 1,200-acre master-planned development that features many amenities.
Clint Garza, Bee Cave assistant city manager, said the development’s total valuation has reached $3 billion, which will generate tax dollars for the city.
“That’s an exciting investment, an exciting development because it’s 2 million square feet of mixed use,” Garza said.
Another development close to finishing out includes Rough Hollow, a resort-style residential development located in Lakeway with amenities, including a yacht club, marina, pool, splash pad and playscape. Other amenities include a dog park; and tennis, pickleball and basketball courts.
Rough Hollow consists of more than 20 neighborhoods and has been in the works for more than a decade.
Lakeway Assistant City Manager Ashby Grundman said Rough Hollow has “about 130 lots left to build,” of approximately 2,100 total lots.
Multifamily developments
Two multifamily developments that are in the works include The Pearl in Bee Cave and The Square at Lohman’s Crossing in Lakeway.
The Pearl, located off of Bee Cave Parkway and RM 620, will offer 340 multifamily luxury apartments and 59 attached townhomes. The development will include a parking structure, a restaurant and public hiking trails on almost 23 acres.
Garza said The Pearl is the largest capital investment in Bee Cave.
“It’s going to be really nice townhomes with an incredible view of the Balcones Canyonland Preserve,” Garza said.
The Square at Lohman’s, one of the three developments for City Center—a mixed-use development project in the center of Lakeway—will offer more multifamily residential homes.
Grundman said The Square at Lohman’s will add an estimated 22 residential units, 129 townhouses and 656 multifamily units.
“We’re getting more multifamily that Lakeway just doesn’t have right now,” Grundman said.
