Strong Lake Travis market cited as draw
The Lakeway Medical Village is set to add new hotels—La Quinta and Marriott—to its list of tenants, said Joel Canfield, vice president of business development at KGP Holdings, the project's developer.
The project sits on a 65.9-acre tract at 3000 S. RR 620, Lakeway, in front of the Lakeway Regional Medical Center. The plan includes up to 100,000 square feet of general and medical office space in two buildings and four pad sites.
"We are very excited about the recent progress at Lakeway Medical Village, despite the hospital's slow start," Canfield said. "The market is strong in the Lake Travis area, and we are very fortunate to be a part of the community."
Hotels, medical offices
Canfield said a La Quinta hotel containing 80 to 90 rooms will be developed by Dallas-based Blue Star Hospitality. The hotel's site is under contract with an anticipated closing at the end of the year, he said.
A Marriott hotel is in the works for the tract as well. However, Canfield said the type of Marriott has not been determined.
Part of the draw for the development's retail tenants is its location on RR 620, said Jon Switzer, brokerage vice president at Jones, Lang, LaSalle Americas, the project's leasing agent.
"The benefit of this project is its clear visibility from RR 620," he said. "It's a very unique site in Lakeway for that reason."
Switzer said one of the two medical buildings planned—an 8,600-square-foot facility—may house medical tenants, including dentists or a vein treatment center. A restaurant or coffee house could also be housed within the building, he said.
A 1-acre pad site located near Flint Rock Road is likely to include a single tenant or group of physicians, he said.
Switzer said Lakeway Medical Village may attract some overflow tenants who don't get space in The Oaks at Lakeway development at RR 620 and Glen Heather Drive.
"We know development is happening quickly in the [Austin] area, and Lakeway is benefiting from the same," he said.
The tract's two 36,000-square-foot medical office buildings located behind the retail sites are available for prelease, ECR Principal Patrick Ley said, leasing agent for the medical offices.
Senior living
Construction on The Harbor at Lakeway, a 150-room, assisted-living and memory-care community, is expected to be complete by the end of the year, Director of Operations Tara Jones said.
A 125-room, independent-living facility will also begin construction in the next four to five months on the parcel directly behind The Harbor at Lakeway, Switzer said.
"The [independent-living facility development] group has been looking in the area for a while," he said. "The timing was right to get them this deal."
Switzer declined to name the independent-living facility brand but said the project will be two or three stories tall and the facade will be similar to the nearby assisted-living facility.
The Goddard School
The Goddard School is being developed on the Lakeway Medical Village tract by owners Isa and Raul Alvarez who, together with local G2 Builders, broke ground on the site Oct. 24.
The Alvarez family also owns a Southwest Austin franchise of the national preschool and will provide programs after school at the Lakeway site, Isa Alvarez said. The new building will include a gym, she said.
Raul Alvarez said the RR 620 location allows parents to easily access the school as opposed to traveling into a development to drop off or pick up children.
"It's a great location," Isa Alvarez said of the new facility. "We felt there was a need [for a preschool] in this community. The medical center is here and provides a great opportunity."
The Goddard School Lakeway is projected to open in April, Raul Alvarez said.
Bank
The Randolph Brooks Federal Credit Union will develop a 1-acre pad site at the front of the Lakeway Medical Village tract, Switzer said.
The institution may break ground mid-2015 on the project, he said.
