Our Austin land consists of about 275 acres, most of which is developable. The original land site we purchased was closer to 305 acres. 16 months after our purchase, we sold a small portion of our land site (about 25 acres) to the joint venture between the University of Texas Medical Center Michael Dell Hospital System and Ascension, one of the largest hospital and health care providers in the United States.
The land is located entirely in an “opportunity zone,” across the Colorado River from the Tesla Gigafactory, recently announced to become Tesla’s global headquarters. Given Austin’s well-documented, stringent, and complex development requirements, we believe our land is situated directly in the path of growth and is entitled for multi-family, industrial and commercial uses. This large master-planned project will require more than one market cycle to fully develop. Currently, a 405 unit apartment project is underway as a joint venture with a prominent national developer.
