Rare undeveloped land overlooking Lake Austin hits market One of the last large undeveloped tracts on Shepherd Mountain overlooking Lake Austin is being marketed nationwide — the first time the property has been for sale in 26 years. Jones Lang LaSalle has the exclusive listing for the 145 acres, which are being billed as an unprecedented offering of pristine land in West Austin. Perched on a bluff near the Pennybacker Bridge on Loop 360 and Courtyard Drive, the prime property with breathtaking views has been coveted for years by many a developer. But the answer from the owner has been the same time after time for the last two decades: the land isn’t for sale. Until now. There’s no minimum asking price for the land which is zoned for about 70 home sites and offers “highly coveted lakefront and cityscape views,” according to the marketing brochure obtained by the American-Statesman. Destined for luxury houses, interest in the land will be a barometer of demand for Austin’s high-end residential market, real estate observers say. The land is owned by Camelback Corp., according to the Travis Central Appraisal District. Combined, the 145 acres are appraised at more than $9 million. The representative for the unidentified property owner, records show, is Austin attorney David Armbrust. Armbrust could not be reached for comment. Jones Lang LaSalle representatives also were unavailable for comment. A preliminary plat is in place for 70 residential lots, marketing materials say. The site is near “high-end residential neighborhoods and and home to executive decision makers, upper level managers, and allows easy access to major Austin thoroughfares,” it states. “There are significant barriers to entry for development in West Austin, with land use restrictions in place along Capital of Texas Highway (Loop 360) and RR 2222 to preserve the environment and Hill Country terrain. Much of the land is permanently preserved, including the Balcones Canyonlands Preserve, Wild Basin Preserve and the Bull Creek Watershed.” Most of the land is in the Lake Austin watershed, with a small portion in the Coldwater Creek watershed, according to the offering. The property is for sale at a time when the Austin metro and the Central Texas region overall faces a shortage of lots and high demand for housing due to job and population growth. By Shonda Novak American-Statesman Staff
Posted on: Fri, 06 Sep 2013 16:53:50 +0000