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REAL ESTATE DEVELOPMENT
IN THE CENTRAL TEXAS HILL COUNTRY

Lakes and Hills Regional Plan showing our developments

 

Lakes and Hills Development

Crossroads Regional Medical Campus

Crossroads Regional Medical Campus Master Plan circa 2009

 

Crossroads Regional Medical Campus was a 116-acre Regional Medical Business Park at US 281 and Hwy 71 in Marble Falls, just 45 minutes west of Austin.  Crossroads had water and wastewater service from the City of Marble Falls, electric from PEC, permits with TxDOT for accesses on Hwy 71 and a complete land plan with budgets.  

A deal to build a hospital on the campus was made with Scott & White Hospital in 2009.  It was terminated in 2010 due to Scott & White's inability to meet the target delivery schedule in the contract. 

The land was subsequently foreclosed by our investors and sold to Scott & White.  In 2011 the name was changed to the Wayne & Eileen Hurd Regional Medical Center in honor of Wayne Hurd upon his passing. 

The first phase of their hospital project, a 60,000 sf medical clinic building, is now under construction and  expected to open in 2013. A full service hospital is planned to be added soon afterwards.

Scott & White Clinic Building Rendering 2012

 

 

Skywater Over Horseshoe Bay

Skywater Master Plan circa 2009

Austin Business Journal Cover Story

 


Skywater Over Horseshoe Bay
was a 1,618-acre residential golf course community development with a Jack Nicklaus Signature golf course and plans for 1,200 homesites.  At a cost of $68 million dollars this project had an estimated build-out value of $1 billion dollars.  (See Article Below)

We completed all of the necessary entitlements including the approval of a Planned Development agreement with the City of Horseshoe Bay, an Amenities Use agreement with Horseshoe Bay Resort, Access agreements with TxDOT and approvals from the Lower Colorado River Authority related to drainage.  The first four sections were platted and we began construction on the first three sections and the golf course in January 2007.

The sale of lots began in April of 2007 and the first closings began in June after our HUD report was approved.  By the end of 2007 we had sold 85 lots for a total of $25 million dollars.  Another 15 lots were contracted to be sold in 2008 before the crisis in the housing market put an end to our momentum.

Meeting with Jack Nicklaus in October 2007 to make adjustments to the design of the Summit Rock golf course.

With the downturn in the economy we lost the project to our mezzanine finance partners.  They subsequently lost the project to the senior lender.   The senior lender, with help from Horseshoe Bay Resort, has completed the Jack Nicklaus golf course and the project has been renamed, "Summit Rock".

 

On the front page of the Austin Business Journal August 25, 2007

$1B project in Horseshoe Bay

Million-dollar homes to anchor development

Austin Business Journal - August 24, 2007 - by A.J. Mistretta - ABJ Staff

Capitalizing on demand for Highland Lakes living and resort amenities, developers are under way on a $1 billion, 1,600-acre residential community adjacent to Horseshoe Bay Resort on Lake LBJ.

Seventy of the initial 80 home sites released in the first two neighborhoods at Skywater Over Horseshoe Bay have sold and the next set of lots are set for release later this month. At full build-out in the next seven to 10 years, Skywater will feature a total of about 1,000 home sites and residential units.

Construction has also begun on Summit Rock Golf Club, an 18-hole Jack Nicklaus Signature Golf Course that will run throughout the property. Roughly 40 percent of the 1,600 acres will remain green as open space or part of the golf course, and up to 10 miles of trails will wind through the project.

The residential breakdown at Skywater will include roughly 550 custom-home lots, 160 villa-home sites, 100 multifamily units and 130 homes in a [designated] fly-in community near the resort's private airport. The villas will range from the upper $500,000s to around $900,000, while finished custom homes are likely to range in value from just under $950,000 to around $2 million. Jim Rohrstaff, director of sales for Skywater, says those prices are likely to rise in time.

Rohrstaff says a list of up to nine preferred custom homebuilders is being developed, though he declined to name the companies. An agreement is also in the works for a builder to handle the first 40 villas.

Marble Falls developers Sam Martin and Molly and Armand Biglari bought the three separate tracts of land that comprise Skywater from different sellers in September 2006. The Jack Nicklaus golf course, which had been designed years earlier for a project that got shelved, was updated and tweaked to become the centerpiece of the development.

"Our investors had an expectation that we would get going right away, and that's what we did," says Molly Biglari. "Between what we'll have on Skywater plus what Horseshoe Bay itself offers, it's going to be an extremely large number of amenities."

From the start, says Biglari, the development team wanted to make Skywater as environmentally friendly as possible. What's resulted is a fully sustainable master plan that calls for roads and neighborhoods to flow with the landscape, and incorporates everything from solar energy for street lighting to grey-water use in landscaping. The community's sales office/residents' club and the golf clubhouse will be built to LEED specifications.

Rohrstaff says so far about 75 percent of prospective buyers at Skywater are Texans looking for a slice of the Hill Country, while the remaining 25 percent are coming from California and elsewhere across the West and Pacific Northwest.

"Some are people buying second homes to use as a getaway and others are younger people buying second homes to retire into later, which seems to be an increasing trend," says Rohrstaff.

With a drive-in time to Austin of about 45 minutes, Biglari says the Horseshoe Bay area is getting a lot of interest from those willing to commute. Meanwhile, the airport access is making the area attractive to those working in other Texas cities during the week.

Skywater will also help increase access to Horseshoe Bay Resort from U.S. Highway 71, cutting the distance by 7 miles and providing a more scenic arrival as drivers come over a ridge through the property that overlooks the resort and lakefront.

In a unique arrangement with Horseshoe Bay Resort, every lot sold at Skywater will come with inheritable memberships at the resort.

Residents who choose to take advantage of that option will have the initiation fees waived but will still need to pay monthly membership dues.

Amenities at Horseshoe Bay include a private jet center, three championship golf courses, swimming pools, a spa and fitness facility, a full-service marina and a 349-room Marriott hotel.

Skywater's principal designer is Tim Blonkvist with Overland Partners Architects of San Antonio. Vita Inc. handled the landscape architecture.

Through their firm Lakes and Hills Development, Martin and the Biglaris are responsible for a number of developments in the area, including the 1,100-acre Flatrock Springs at SH 71 and U.S. Highway 281 that will feature homes and about 200 acres of commercial space. The company is also handling a 116-acre medical/commercial development on SH 71 that will be anchored by the planned Lake of the Hills Regional Medical Center.

 

Rendering of The Elan in Horseshoe Bay Resort The Elan at Horseshoe Bay Resort

A 54-unit luxury, mid-rise, condominium project at and overlooking the marina in Horseshoe Bay Resort.

The 4.5-acre tract has been zoned specifically for this project.  It is in the City of Horseshoe Bay and only requires a building permit.   All entitlements are in place including an amenity use agreement with Horseshoe Bay Resort with initiation free memberships.  Preliminary plan by Overland Partners of San Antonio are complete.

For Sale - property with entitlements and plans.

Other Developments and Holdings

Gateway Atrium I

Gateway Atrium I
Professional Building

13,100 sf in Marble Falls, Texas
Opened June 2002
Designed by ER Biglari Associated Architects
General Contracting by Sam Martin.
Owned by Westermar, LLC of which I was majority owner.

Home to Texas Tech University satellite campus, Hill Country Pediatric Dentistry, Seriff Foundation, Seton Highland Lakes, MegaIQ Website Architect, JB Sales, Sculptmoves and Lakes and Hills Development until . . .

SOLD DECEMBER 2008

112 Par Three Court

112 Par Three Court
Private Office Building

2,700 sf in Horseshoe Bay, Texas

Purchased December 2008
SOLD September 2013

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Last updated September 18, 2013