Zovest Capital is developing a 722-acre project in Austin’s fastest growing suburb.

The Wyoming-based company, led by Chief Executive Officer Rama Krishna, has submitted a proposal to George City Council to create a property for Lakeside Estates, according to the Austin Business Journal. Municipal Utilities District, the project plans to build 1,500 homes and a resort hotel report.

Zovest purchased the 722-acre property in 2021 under its Lakeside Estates Georgetown LLC. Consisting of six parcels adjoining the sprawling Santa Rita Ranch community, the land is valued at $17.8 million in 2022.

Lakeside Estates will bring 15,000 single-family homes to Austin’s northern suburb, which has experienced rapid growth in recent years and whose population will grow 14.4 percent by 2022.Most lots are 45 to 80 feet in size, but will accommodate 145 homes on one acre of land, the media said.

Plans also call for a 15-acre resort, a 4.7-acre leisure center and 131 acres of open space, including approximately 34 acres of parkland. The developer wants the project to start in February 2025 and complete in 2028.

Zovest is looking to create a municipal utility district, a tax district that could fund infrastructure. The developer hopes to build a temporary “kit factory” on the property to reduce utility costs and provide water until the infrastructure is built to connect to the city’s water system. Zowest is also in talks with Williamson County to extend the county road.

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The city appears to support the development of the project.

“It’s a really good workable solution, and the developers have come up with a well thought out plan,” said Shawn Hood, a member of the Georgetown City Council, citing the diversity of housing types and parks.

— Quinn Donoghue

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