Austin Business Journal reports, "Tri Pointe Homes Inc. broke ground earlier this month on its first Georgetown neighborhood, the developer announced July 12.
The neighborhood, called Park Central, will bring more than 400 single-family and attached homes to the fast-growing city north of Austin from Tri Pointe (NYSE: TPH), a national homebuilder that is one of the busiest in the region. While Tri Pointe's Austin division has jointly developed communities in Central Texas, Park Central will be the first community it self-develops on its own, Division President Bryan Havel said in an email.
Park Central is rising on 77.8 acres at Sam Houston Avenue and Bell Gin Road in southeast Georgetown. Homes will sit on 45- and 50-foot lots and range from 1,728 to 2,969 square feet with three- to five-bedroom floor plans.
While the development will feature 191 of the single-family residences Tri Pointe is known for, it will also have 256 duplexes, a first for Tri Pointe.
"We wanted to marry our great product design with great affordability for a new market," Havel said when asked why Tri Pointe chose to design its first line of duplexes.
Home prices are expected to start in the $300,000s, Havel said. At that level, home prices would start at lower than average for Williamson County, where Georgetown is. There, the median sales price of a home in June was $449,945, according to the Austin Board of Realtors' monthly market report.
Construction of the project is expected to take place in two phases, with the first phase wrapping up by the middle of 2024.
Homes in Park Central will be designed to exceed local energy codes and will have energy-efficient features as part of Tri Pointe’s LivingSmart program. The LivingSmart program incorporates energy use, air quality, water efficiency, sustainable construction materials and smart home technology capabilities.
Neighborhood amenities are set to include a clubhouse and pool, a 10-acre park and walking trails, a pond, basketball and pickleball courts and an open-air pavilion.
In 2021, the homebuilder sold $85.7 million of production homes and closed on 195 homes, according to Austin Business Journal's 2022 list of volume homebuilders. It has remained active, announcing in recent months that is is co-developing a 586-home neighborhood in Dripping Springs with Ohio-based M/I Homes Inc. while erecting homes within Leander’s Bryson and Bar W Ranch neighborhoods and Liberty Hill’s Lariat community.
The new homes will come to Georgetown at a time when the city needs more residences than ever.
Over the past decade-plus, Georgetown’s population has nearly doubled, according to U.S. Census Bureau information. The population grew from 47,400 in 2010 to an estimated 86,507 in July 2022.
"For two years in a row now — and also in 2016 — Georgetown has been named the fastest-growing city in the U.S.," Havel said. "Between the resident growth, job growth, proximity to major Austin highways, great Georgetown ISD schools, and the most beautiful town square, it was an easy choice when looking for a new submarket to build in.""
Source: Austin Business Journal
Written by: Cody Baird
Published: July 14, 2023
Posted by Grossman & Jones Group on
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