Austin Business Journal shares, "The busiest volume homebuilder in the region plans to bring around 1,500 homes to a small town outside Austin.
Bastrop City Council was shown new plans for a public improvement district called Valverde on Aug. 13 that could be valued at $557 million at full buildout. The property is owned by D.R. Horton Inc. through its Continental Homes of Texas LP subsidiary, according to property records.
The Valverde plans are the latest evolution of a project that was formerly called Viridian, which was also a D.R. Horton project.
Valverde would rise on 399 acres north of State Highway 71, and plans call for both single and multifamily development. In a statement, D.R. Horton Austin Division President Scott Wilburn said there would be 1,400 single-family homes and 250 multifamily units.
Construction on Valverde is expected to begin in fall 2024 with a total of 13 phases of development, Wilburn stated. Most of Valverde is located in Bastrop's extraterritorial jurisdiction, but about 105 acres are located within city limits.
Overall, Valverde will cost an estimated $90 million and is projected to be valued at $557 million at full buildout. Annual ad valorem tax revenues to the city of Bastrop are estimated at $2.8 million and to all other taxing jurisdictions at $8.7 million.
With around 1,650 total residences, Valverde could support a significant population boost in Bastrop, where the population was estimated at roughly 11,700 as of July 2023, according to the U.S. Census Bureau. If just three people reside in each home, Bastrop’s population could rise by around 5,000.
Bastrop has at least two other neighborhoods adding significantly to its population. The Colony ranked ninth and River’s Bend at Pecan Park ranked 14th on ABJ's latest list of the fastest-growing neighborhoods in the region, and D.R. Horton is one of the home builders active at River’s Bend.
D.R. Horton, the most active volume home builder in the region, is operating in eight of the other neighborhoods that made that list, including Jarrell’s Sonterra, the second-fastest growing neighborhood in the metro."
Source: Austin Business Journal
Written by: Cody Baird
Published: August 21, 2024
Posted by Grossman & Jones Group on
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