Retailers who’ve been looking for a location on Austin’s SH 71, rejoice. Rockspring Capital purchased 22 acres just for you. (And just in time for Valentine's Day.)
Rockspring CEO Jim McAlister tells us the purchase was largely driven by residential activity nearby. The site sits on 71 in the Bee Cave area, just two miles west of the Hill Country Galleria. 6,400 new homes are coming soon to Bee Cave, and residents there will pass by this strip on their way into Austin. (So it wouldn't hurt to add a couple of bathrooms there as well.) Rockspring will invest $1.4M to enhance the property, and then sell to 10 to 14 retail users.
Jim says the area is underserved for retail, and there are almost no alternatives along 71 for smaller users. Clearly there’s demand—Rockspring was receiving interest from retailers before the deal even closed, and he’s in discussions with four users already. Look for Rockspring’s name to pop up a lot this year; Jim says he wants to be an extremely active buyer in Austin and San Antonio, and has 15 sites under negotiation now between the two cities. (The land looks so beautiful from this view, you can really see the giant arrows and area signs that you can't appreciate from the ground.)
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