Austin Business Journal writes, "In Marble Falls, Gregg Ranch continues to grow.
The 240-acre community at the southern end of Marble Falls was touted in 2020 as the first large-scale development in the city in decades, with around 1,250 homes planned. Pulte Homes and Vogel Builders have built homes in the community, and Arizona-based Gregg Ranch developer Harvard Investments announced April 2 that Colorado-based Richmond American Homes has also signed on to the project.
The Richmond homes at Gregg Ranch will range from 1,687 to 3,000 square feet, with two- to six-bedroom floor plans. Richmond will begin with 62 home sites for its first two phases of construction and is under contract to buy 113 lots in a third phase of construction.
Homes will start in the low-$400,000 range, according to the announcement. According to a Business Journals analysis of Zillow data, the median home value in Marble Falls in November was $439,586, which required a minimum annual income of $108,276 to afford to buy a typical house.
Pulte Homes, a division of PulteGroup Inc. (NYSE: PHM), has built 131 homes in the community and has eight remaining. Vogel Builders has built three homes.
Harvard Investments will release more lots to homebuilders over time. Future plans for the neighborhood include multifamily construction, a 250-home build-to-rent community and a commercial area with entitlements to build a convenience store.
There is no estimated timeframe for when Gregg Ranch will be fully constructed, but new rooftops may not be crucial for Marble Falls just yet. Much of the metro has experienced explosive population growth in recent years, which didn't immediately resonate in the longtime tourism community, but Marble Falls is beginning to experience growth of its own. The city’s population grew from 6,077 in 2010 to an estimated 7,423 in July 2022. Marble Falls is about an hour away from downtown Austin.
A ZIP code in Marble Falls was recently ranked by Opendoor Labs Inc. as one of the country's "hidden gems," based on increased home listings from January to November 2023. The "hidden gems" are defined as areas outside major metros that are likely to see rapid population growth and development.
In addition to Gregg Ranch, Thunder Rock, Thousand Oaks and Roper Ranch are adding thousands of homes to the area.
A number of commercial projects are in the works in Marble Falls, too. Capella Commercial is developing a seven-building commercial hub, the $750 million Legacy Crossing mixed-use development is set to bring both housing and commercial space to the city, a hotel and conference center project is in the works and a Wisconsin-based wholesale roofing distributor was recently cleared for incentives to open a new outpost in the city."
Source: Austin Business Journal
Written by: Cody Baird
Published: April 8, 2024
Posted by Grossman & Jones Group on
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