Rough Hollow builder posts highest bid for Lakeway MUD tract Parcel listing for 82-acre property adjacent to Oaks at Lakeway retail center drew 40 bid packages
Lakeway Legend Communities, a local homebuilder that developed Lakeway’s Rough Hollow neighborhood, offered the highest bid—at $13.1 million—for an 82-acre parcel being sold as surplus property by the Lakeway Municipal Utility District.
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Earl Foster, general manager for the Lakeway Municipal Utility District, opens the sealed bids of potential buyers for the MUD’s tract.[/caption]
“We don’t have all the details worked out yet, but we are looking forward to making a really great project for the city of Lakeway,” said Bill Hayes, Legend Communities’ chief operating officer of the project, which may house residential and multiuse buildings. “We’re going to work through the logistics of [the project]. It won’t all be residential.”
He said other uses for the property could include a town center, commercial facilities, and, if all parties can agree on the details, possibly an entertainment area.
Hayes said his company’s bid—at more than twice the next highest bid—was “kind of a shot in the dark” for the property and was based on “[square] footage and price per [square] foot.”
