The groundbreaking for Phase I of the $2 billion Pearson Ranch project was celebrated recently by Inspire Real Estate Development LLC, Williamson County and some City of Austin officials. This event marks the start of construction on multiple parcels at the Northeast corner of SH 45 and West Parmer Lane in Austin.
The full build-out for the mixed-use Pearson Ranch project will span across 156 acres on the Williamson County campus, which is a thriving tech Corridor in Northwest Austin. Developments planned for Williamson County campus will feature a 2.6 million square feet of Class A office space; 200,000 square feet of space designated for restaurant, retail components, and recreational use; two hotels; a 2,500-unit multifamily building; and 30 acres of land to be used as green space, which will consist of hiking and biking trails, public plazas and parks.
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$14.5 M loan secured by Inspire Development to fund Phase I of the Pearson Ranch project
Phase I of the Pearson Ranch project will be done on a 41 acre-site, starting with the construction of a 600,000-s.f office building, three multifamily apartment buildings and a lifestyle retail space. Funding for the first phase comes from a $14.5 million loan, which Inspire Development secured from Keystone Bank. Starting with the initial phase, the entire project will be gradually completed between 10 to 15 years. The developers also mentioned that their site selection process was based on its proximity to several tech employers; this includes the new $1 billion Apple West Parmer Lane Campus, which is just 2 miles away from the site’s location, and Amazon’s Domain 9, a Class A office tower, located about 10 miles from the site.
Other companies involved in developing the Pearson Ranch project include Urban Design Associates, the land use master planner of the project; Land Strategies Inc., serving as the local land planner; BGE as the civil engineer; Davies Collaborative, as designer for the mixed-use development and head of the multifamily design; and Powers Brown, will handle the office portion of Pearson Ranch.
