Austin Business Journal reports, "the first phase of construction on Thomas Ranch, a 2,200-acre luxury community near Spicewood, is set to begin later this month.
Salt Lake City-based developer Areté Collective LP plans to break ground June 15, according to an announcement from late May. The first-phase neighborhood will be called Loraloma and have more than 400 homes and a golf course — although a builder is still needed.
Loraloma will be home to about 450 cottages, villas, estates and custom homesites, said Joe Rentfro, Thomas Ranch managing director.
"Our intention was to cater to a wide variety of individuals seeking a fresh take on Hill Country living without sacrificing the culture that rests at Austin’s core," Rentfro said.
To that point, there’s a lot of variety in the homes, which range from two to five bedrooms and 2,500 to 10,000 square feet.
Loraloma will take seven to 10 years to complete while Thomas Ranch as a whole will take around 10-15 years, Rentfro said.
Sales for Loraloma’s homes will open this summer with 25 initial lots, according to the announcement. Florida-based IMI Worldwide Properties has been tapped to lead sales in Loraloma. Home prices will be announced later this summer.
Ultimately, 3,500 or more homes could rise in Thomas Ranch development, Rentfro said in December, when the project was announced. There will be single-family, multifamily, senior and affordable housing.
The next step in the construction will be amenities, Rentfro said, including a members-only golf course designed by David McLay-Kidd that’s set to begin construction this fall and open in 2024. McLay-Kidd designed The Castle Course — which opened in 2008 — at St. Andrews Links in Scotland, the world’s oldest golf course dating back to 1552.
"We are aiming to have a premier golf course," Areté Collective co-founder and CEO Rebecca Buchan said last year. "But we’re trying to do it as responsibly as we can."
The golf campus will also include a clubhouse and restaurant, wellness facility, pickleball courts and a boutique hotel. Developers have also indicated they would like other commercial uses, including possibly a grocery store.
Areté Collective used in-house architects and interior designers to design the homes, Rentfro said, but a general contractor has not been selected.
"We are currently in the selection process for a wider builder partner for both Loraloma and Thomas Ranch, with an emphasis on teams that would value a partnership with a talented, design-centric developer and vertically integrated team of architects and designers," he said.
Areté Collective was founded in 2020. Aside from Thomas Ranch, the luxury developer is building a community on Oahu’s North Shore, adjacent to Turtle Bay Resort, and is targeting the Bahamas, Baja California Sur, Costa Rica and Idaho for development."
Source: Austin Business Journal
Written by: Cody Baird
Published: June 2, 2023
Posted by Grossman & Jones Group on
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