Construction on a new 254-acre mixed use development called "The Highlands" near Marble Falls is expected to begin in September after securing a $28.2 million construction grant, according to a news release from Rockspring, a Texas-based real estate firm spearheading the development.
The overview
The 254-acre project along Manzano Mile at FM 1431 is planned to have 467 single-family homes in addition to apartments, townhomes, estate lots and commercial pads.
The location puts the development five minutes from downtown Marble Falls and directly across from Colt Elementary and Marble Falls High School.
According to Rockspring, the area is a “high growth corridor” with a “sustained housing demand.”
The details
Rockspring has closed a $28.2 million construction loan in addition to a Public Infrastructure Development Bond that is being finalized with the city of Marble Falls.
The project is expected to cost over $70 million, according to the news release.
Rockspring will execute the horizontal development including roads, utilities and site work that lay the foundation for the community, while vertical construction will be completed by other developers and homebuilders.
What they’re saying
“This is a significant step for Marble Falls, which is benefiting from the same growth driving so much of Texas, plus offering a quality of life that keeps drawing families and businesses to this Highland Lakes region,” said David Orr, regional director of Central Texas at Rockspring. “The Highlands will deliver much-needed housing and amenities to a community that is attracting folks who are seeking a high quality of life with convenient access to both Austin and San Antonio.”
