Houston-based real estate investment company Rockspring Capital is planning a retail build on a 22.5 acre site on W. Hwy. 71, 2 miles west of the Hill Country Galleria in Bee Cave, said spokesman Sylvester Palacios, Jr. of Pierpont Communications, Inc.

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, he said. Access to the property will be on Del Dios Way and Palermo, he said.

Rockspring plans to invest about $1.4 million to enhance the property that is zoned Neighborhood Services, Palacios said. The build will possibly include several restaurants, banks and other service providers, he said.

"Austin's booming economy and population growth is driving tremendous retail demand in this flourishing submarket," said Jim McAlister, president and CEO of Rockspring Capital, in a news release. "We were receiving a lot of interest from retailers even before the deal closed."