DALLAS--(BUSINESS WIRE)--Hillwood Communities, a Perot company, hosted the groundbreaking of the Wolf Ranch property at 11 a.m. Thursday, Dec. 10, kicking off what will be Georgetown’s largest master-planned development.
Georgetown Mayor Dale Ross, Williamson County Commissioner Val Covey, and Hillwood Communities executives - including President Fred Balda and SVP Brian Carlock - will be available for interviews and photos at the event.
The 755-acre tract on Highway 29 and Interstate 35, in Georgetown, Texas, is in close proximity to the Wolf Ranch Town Center and a short drive from Austin. Hillwood acquired it from the Wolf family (owners of the property for 65 years) in 2014.
The $700 million project will entail a master-planned community of 1,600 single-family homes and 900 multi-family units that feature resort-style amenities and space for new retail venues and restaurants. It also includes 140 acres of green space with multiple community parks and several miles of trails. The new community will be served by Georgetown ISD.
The first phase of homes will be completed in early 2017. The transaction was conducted between Hillwood Communities and the Wolf family’s representative, Iva Wolf McLachlan.
“After 65 years of owning and managing the property, we had a commitment to identify a quality developer who would exercise wise stewardship of the property’s vast potential. Strong interest from high caliber developers and a strategic location in the second fastest growing city in the nation converged to create a compelling vision of the development with a far reaching impact on the city of Georgetown,” said Iva Wolf McLachlan, managing partner of the Wolf Legacy partnership. “We believe Hillwood is clearly the best developer for this exceptional tract of land. Our decision to choose Hillwood was based on extensive research and on-site tours of Hillwood’s other outstanding master-planned residential communities. Also, we felt a strong identity with Hillwood's values. As I have worked with Hillwood’s key executives over the past three years, I have developed great respect for their professionalism and approach to development.”
The new community will be built using Hillwood’s LiveSmart principles: Sense of Community, Technology, Healthy Living, Environmental Stewardship and Education & Enrichment.
“This will be the largest master-planned community in Georgetown, and we are humbled and excited that the Wolf family chose us to develop this esteemed land,” said Brian Carlock, senior vice president, Hillwood Communities. “We look forward to developing a first-class community and partnering with the city and the Wolf family to drive phenomenal economic impact in the city of Georgetown.”
The expected price range of homes is $275,000 to $500,000 and the builders are Drees Custom homes, Coventry Homes, David Weekley Homes, Wilshire Homes and M/I Homes. Wolf Ranch is expected to house 4,000 residents once the development is completed.
“Austin is world-famous for its rapid growth in attracting innovation and driving technological advancements in our nation,” said Ross Perot Jr., chairman of Hillwood and The Perot companies. “We are pleased to be partnering with the Wolf family in developing this legacy land into a high quality master-planned community.”
Hillwood, a Perot company, is a premier commercial and residential real estate developer, investor and advisor of properties throughout North America and Europe. With a diverse portfolio of properties and home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers, partners and the communities we serve.
Hillwood is best known for its Alliance brand, featuring the 18,000-acre AllianceTexas, 2,000-acre AllianceCalifornia and 4,474-acre AllianceFlorida. Its founding project, AllianceTexas, has been hailed as one of the best mixed-use developments in the world, generating more than 40,000 jobs and $55 billion in local economic impact to date. Outside of AllianceTexas, Hillwood Investment Properties is focused on institutional-grade industrial/logistics properties and has developed and acquired more than 84 million square feet in North America and Europe.
Through its Communities division, Hillwood has delivered more than 24,000 single-family lots in 80 master planned communities. From single-family homes to high-end luxury vacation residences, Hillwood’s residential communities embrace the company’s LiveSmart principles, creating a sense of community while integrating technology, healthy living, environmental stewardship and education.
Hillwood also served as the lead developer of marquee projects nationwide, from the Air Force Memorial in Washington, to the Perot Museum of Nature and Science and the American Airlines sports arena in Dallas. For information, please visit www.hillwood.com.