New Lake Austin Neighborhood Plans

Posted on Tuesday, September 10th, 2013 at 6:23am.

Pennybacker Bridge
Photo courtesy of Jeff Gunn.

The land bordering Lake Austin has always been considered prime real estate, full of luxury homes with glorious lake views. After 26 years of private ownership, the last undeveloped land tract on Austin's Sheperd Mountain is finally being put on the market. The property consists of 145 acres of pristine hill country terrain located off of Loop 360, just west of the Pennybacker Bridge. The bluff offers breathtaking views of Lake Austin, the hill country and the downtown Austin skyline. It’s a fine piece of real estate, and developers are lining up to get their hands on it.

The land was originally purchased by Camelback Corp. in the 1980s, but remained untouched for several years. Since its purchase, several interested buyers have made offers on the property. However, the seller declined every single one. Despite many attempts to reveal the identity of the individual owner, the representative has never disclosed the owner's name - until now. Since the property has generated so much attention, Exxon Mobil recently revealed itself as the owner of this highly coveted piece of real estate. The company's representatives explained that the property was chosen for a potential development that never came into fruition. Exxon Mobil has decided to sell the property as part of their process of re-evaluating current real estate and investment opportunities - and there couldn’t be a better time to sell.

Austin is a hot market, and with so many people moving to the city to take advantage of the steady economic and employment growth, there is a high demand for homes in the area. The amazing views and exclusive hill country land makes the property ideal for custom-built luxury homes. The Shepherd Mountain property for sale is currently zoned for 70 homesites, but nothing is set in stone. One wealthy individual could buy the property completely for themselves, or lots could be rezoned for fewer homes on larger pieces of land. It is unlikely the land will be purchased for commercial development.

The real estate and investment firm Jones Lang LaSalle is managing the sale of this large land tract, which has an estimated value of $9.22 million. There's no minimum asking price set for the property, but it's expected to sell for tens of millions of dollars. Over one hundred high-end buyers have contacted the firm with offers. There’s little doubt that Austinites will soon see new luxury homes popping up west of the Pennybacker Bridge.

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