Hwy. 71 site zoned for offices, restaurants and commercial
Houston-based Rockspring Capital is planning a retail build on a 22.5-acre site on West Hwy. 71, about 2 miles west of the Hill Country Galleria in Bee Cave, said spokesman Sylvester Palacios Jr. of Pierpont Communications Inc.
"Austin's booming economy and population growth is driving tremendous retail demand in this flourishing submarket," said Jim McAlister, Rockspring Capital president and CEO. "We were receiving a lot of interest from retailers even before the deal closed."
The site currently does not have an address, he said. However, the property is located on the south side of the highway, just east of Vail Divide and directly in front of the Bella Colinas subdivision, Palacios said.
Del Dios Way and Palermo will be the center's two access points off Highway 71, he said. The roadways will provide entry to both the retail property and the adjacent developments of Bella Colinas and Terra Colinas, he said.
Del Dios Way and Palermo are new streets located within the extraterritorial jurisdiction of the city of Bee Cave, Bee Cave City Manager Frank Salvato said. The streets abut a portion of Hwy. 71 that was annexed by City Council last year, he said.
Rockspring Capital plans to invest about $1.4 million to enhance the property, which is zoned as neighborhood services, Palacios said.
The tract's current zoning allows for offices, retail and warehouses and restaurants, he said. Its 10 pad sites could also include several restaurants, banks and other service providers, he said.
"Because we had cash in hand, we were able to purchase the property quickly and at an attractive price," McAlister said. "Also, Bee Cave plans to add more than 6,400 new homes to the area, which will only increase the demand for the retail site."
He said Rockspring Capital is currently looking at adding multiple properties in the Austin area ranging from single-family residential, retail and industrial uses.