Belterra's new owners seek to develop planned commercial site
Crescent Communities LLC, a North Carolina–based real estate investment, development and operations company, acquired the master-planned Belterra community in October and plans to complete the retail component, said Kevin Huston, regional marketing manager for Crescent Communities in Texas.
"Right now it's still in the beginning phases," he said. "What we really like about [Belterra Commercial] is where it's located—right on the front end of the community, just right along the Hwy. 290 frontage. I think that's a wonderful opportunity."
The 91.8-acre site, consisting of multiple land parcels, is on the south side of Hwy. 290 between Nutty Brown Road and Belterra in the Dripping Springs extraterritorial jurisdiction.
The Belterra area is underserved in terms of mixed-use and retail property, said Josh Cameron, senior vice president at real estate firm CBRE Group Inc.
"The residents in the area are excited to have something developed there," he said.
CBRE began reaching out to retail development companies in Austin and the Southwest region of the U.S. in mid-November as part of efforts to secure an outright sale of the Belterra Commercial property or a joint venture, Cameron said. When completed, the development will feature a variety of retail and other businesses, he said.
CBRE Associate Carter Breed noted that Hays County Water Control Improvement District No. 1 provides utilities, such as water and wastewater services, to the area.
Breed said he anticipates the site will become the main retail hub for the Hwy. 290 corridor.
"It's a very attractive parcel, and I think it'll move pretty quickly," he said.
Financial terms of the sale were not disclosed. For more information, visit www.cbre.com/belterra.