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Two developers from Austin are teaming up to build a 1,736-acre master-planned community on vacant land east of Interstate 35 in Hays County - adding thousands of homes in a region already undergoing rapid growth.
Known as the Ridge, the community will feature more than 6,200 single-family home sites, along with a multifamily development, according to the website of one of the developers, Wilson Capital. It will sit to the west of Texas 21 and Rohde Road, about 4 miles west of Kyle.
Sites have been reserved for elementary, middle and high schools, according to a map on Wilson Capital's website.
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To give a sense of scale, the community will be about half the size of San Antonio's 3,500-acre downtown.
Wilson Capital is partnering with Carlton Capital Investments on the community, which is expected to cost $375 million to build, said Taylor Wilson, the president of Wilson Capital.
They expect to begin construction this year, with the first phase taking 10 months, Wilson said. The development team has entitlements lined up for the required utilities, he said.
The community will mostly sit in the extraterritorial jurisdiction of the city of Niederwald, with some in unincorporated Hays County, Wilson said.
A partnership linked to Wilson Capital and Carlton Capital, known as The Ridge WC LP, purchased the land on which the community will be built on June 24, Hays County property records show. The seller was Walton Texas LP, an entity based in Scottsdale, Arizona.
Wilson declined to provide a purchase price for the transaction. The Ridge WC LP took on a $49 million loan from UBank, a bank based in Tyler, to complete the transaction, the records show.
Wilson said he expects homes in the community to sell in the $250,000 to $300,000 range, though the prices are "expected to increase as the project is developed," he said.
"Assembling a tract this large directly in the path of growth is a great opportunity," he said. Tesla Inc.'s Gigafactory Texas is 21 miles away, he said.
The development team finds the site appealing because it is a "rare large-scale, contiguous tract" in fast-growing Hays County, he said. He noted that it is near both the Interstate 35 and Texas 130 employment corridors.
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