530 FM 973, Taylor, TX 76574
Townbridge Equity Partners, LLC has procured 58.3 acres of land in Taylor, Texas to build Castlewood, a new mixed-use community. Located on the northeastern edge of the Austin, Texas metro area, Castlewood represents a unique opportunity to create a core community in an up-and-coming area outside of Austin. Castlewood has been approved by the City of Taylor for 239 single family lots and over 9 acres of commercial street frontage directly across from Taylor ISD High School. Townbridge Capital has acquired the property and completed the zoning, planned development agreement, and annexation as needed for development. Currently, Townbridge is engaged with architects, civil engineers, and landscape architects to complete the necessary construction plans for the development. Castlewood is estimated to be approved for construction by May 2020.
Demand for Affordable Housing
With immediate proximity to Taylor ISD High School and other new developments currently underway, the Castlewood development encompasses all the elements necessary to create an outstanding mixed-use community.
Castlewood is situated with over 1,800 feet of frontage along FM 973, which connects Taylor and Manor, Texas. The development property is directly across the street from Taylor ISD High School as well as Avery Glen, a new residential development by DR Horton. To the east of Castlewood is a commercial property with plans to develop offices and a gas station/convenience store. With quick access to FM 973 and US 79 loop, residents can be in downtown Austin or at Austin-Bergstrom International Airport in as little as 25 minutes. Other facilities, including Dell Diamond Baseball Stadium, Kalahari Resort, and Round Rock Premium Outlets, are all less than a 15-minute drive.
|Mixed-Use Commercial||3.46 ac|
|Commercial Lot||4.45 ac|
|Commercial Lot||1.31 ac|
|Reserve Parks||6.3 ac|
|Total Land SF||2,539,548 (58.3 acres)|
|Entitlements||239 single family lots|
|9.22 ac commercial|
Castlewood has been approved by the City of Taylor for 239 single family lots and over 9 acres of commercial street frontage directly across from Taylor ISD High School. Townbridge has acquired the property and completed the zoning, planned development agreement, and annexation as needed for development. Currently, Townbridge is engaged with architects, civil engineers, and landscape architects to complete the necessary construction plans for the development. Castlewood is estimated to be approved for construction by March 2020. Townbridge intends to use the equity to secure construction financing in a two-phase construction with the first round of sales to close by early 2021.
Across the street, D.R. Horton, the largest home builder in the country, has already sold more than 90 of its 184 homes under construction in Avery Glen. Townbridge has been in conversations with numerous local and regional home builders who have an interest in purchasing build-ready lots. This opportunity is unique—to fill a niche and provide lots to home builders who otherwise would not be able to afford the development of land on their own. This strategic position will provide a significant short-term capital appreciation.
Located at the northern edge of the Austin Metro Area, in the heart of one of North America’s fastest-growing technology centers, Taylor, Texas is 30 minutes from Downtown Austin and the University of Texas and is 30 miles from Austin Bergstrom International Airport. Taylor is known as The Gateway to East Texas.
Taylor’s revitalization is leading its downtown area to a prosperous growth. The city has recently opened a beautiful $4.2M renovation of its city park, Heritage Square Park, and added a nearby “X-games worthy” skate park, Pierce Park, to its burgeoning downtown revival.
Taylor’s industrial growth is led by the RCR Taylor Logistics Park—a Master Planned Rail-Served Logistic and Industrial Park with Dual Rail Service by Union Pacific and BNSF. The 750-acre commercial/industrial park has direct access to Hwy 79, Texas SH 130, and IH35. Its two Class 1 rail carriers provide unmatched access to Central, South, and North Texas with an ideal location between the Dallas-Ft. Worth Metroplex and Mexico.
Major Development Projects
In nearby Round Rock, Kalahari Resort and Waterpark is currently building the largest indoor waterpark in the nation. This will add over 700 jobs to the area and bring an expected 1mm+ visitors annually to the 200,000SF facility.
Between Hutto and Taylor, Perfect Game Sports Complex is planning its $800M baseball complex which will infuse a projected $200M annually in direct spending in the area. With these economic drivers, Taylor is poised for continued growth. In addition, as Austin has gotten less affordable, many large to medium size companies along with their employees have gravitated to the bedroom communities surrounding Austin. This has steadily increased the population and property values in Taylor and its vicinity.
Market Home Sales Overview
City of Austin
In the city of Austin, single-family home sales increased by 14.8% to 798 sales in September 2019. During the same period, sales dollar volume increased 23.3% to $393,731,739. New listings remained flat at 808 listings; active listings decreased 24% to 1,274 listings; and pending sales jumped by 20.3% to 824 pending sales. Housing inventory decreased 0.5 months year over year to 1.6 months of inventory.
In Williamson County, where Castlewood is located, September single-family home sales increased 22% to 953 sales; sales dollar volume experienced a double-digit increase of 26.1% to $307,745,640. During the same period, the median price for single-family homes increased 6.1% to $295,000. New listings increased 18.9% to 1,121 listings while active listings decreased 12.4% to 2,352 listings. Pending sales spiked 28.3% to 980 pending sales. Housing inventory decreased 0.5 months year over year to 2.5 months of inventory. Average home prices in Taylor have increased 66% over the past 5 years.