Austin Milestone: $47 million high bid for Bull Creek landAustin Milestone: $47 million high bid for Bull Creek landhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=22242014-12-10T12:50:00Z2014-12-10T08:30:00Z

AUSTIN - Milestone Community Builders, Austin’s largest locally owned home builder, is the top bidder for 75 acres of prime land in Central Austin owned by the Texas Department of Transportation.

With an offer of $46.7 million, a subsidiary of Milestone trumped five other bidders in the competition for the tract at Bull Creek Rd. and W. 45th St., east of MoPac Blvd. (Loop 1).

Other than having a single-family component, Milestone has no specific plans for the site yet; rather, they will evolve over time through discussions with surrounding neighborhoods and city officials, according to Garrett Martin, Milestone’s president and CEO.

Several months ago, the City of Austin tried to work out a deal to buy the land but ultimately was unable to come up with the money.

In 2012, Austin-based Stratus Properties made an unsolicited offer for the site, saying it envisioned a mixed-use project with an H-E-B grocery store.

"Today marks a big win for Texas taxpayers," said Roland Tilden, director of TxDOT's real estate development office, according to the Statesman. "This piece of property will now be back on the tax rolls."

Austin American-Statesman
Austin-Round Rock
http://www.mystatesman.com/news/business/austin-builder-is-highest-bidder-for-bull-creek-la/njLFt/Read more at {Source}

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