Bourn Makes Second Area Buy

GEORGETOWN, TX-Less than three months after laying claim to land for the mixed-use Longhorn Junction, a Tucson developer expanded its presence in the area buy acquiring an additional 185 acres for approximately $8 million. The new multipurpose site has enough room for between 500,000 sf and 700,000 sf of commercial space, up to 800 multifamily units and approximately 400 assisted living units.

Joe Simmons, principal with Bourn Partners says the land came to his attention while the company closed on the 350-acre Longhorn Junction site, located approximately 2.5 miles north. Simmons explains that while he was finalizing the first acquisition, he stumbled across available land at Interstate 35 and Westinghouse Blvd. Much like the Longhorn Junction site, the recent acquisition consisted of assemblage from local land owners.

“We felt like this was an attractive piece of property in a growth area, and one that will have a variety of uses,” he explains. He adds that the widening of Westinghouse Road, expected to be completed in 2009, will offer better access to retail amenities, making the land ideal for a corporate campus or office complex. “We’re more inclined to develop the commercial applications of the site, the office and retail space or some kind of flex facility,” he tells GlobeSt.com. “The residential components, depending on what they are, will be sold off to multifamily developers.” Simmons says Bourn doesn’t plan to acquire more land in the area at this time.

A source familiar with Georgetown says the area is definitely on the move. Oakmont Road, which also borders the property, will be extended through the site, providing access to various amenities including a local outlet mall. The source suggests that the as-yet unnamed project would work well for a corporate user that could position itself on approximately 30 to 60 acres of the land.

The source adds, however, that the residential demand at this time doesn’t support the amount of multifamily that’s been proposed. Still, “if they can get from $2.50 to $3.00 per sf on one or two of their larger pieces, this investment will be a home run,” the source points out.

Simmons says Bourn isn’t hurrying the development process, estimating a five-year build out. “Nobody’s going to do much on that tract until the middle of 2009, when Westinghouse is widened, Oakmont extended and utility services and entitlements put on it,” Simmons adds.