Ten years since unveiling his vision for the massive, nearly 2,000-acre Wildhorse Ranch development east of Austin, Pete Dwyer of 
Dwyer Realty Companies is hoping that rumblings in the local economy may help finally lead to a groundbreaking on the land soon.
In the years since 2000, the property has been fully entitled, with utilities set up and transportation infrastructure improved around Wildhorse Ranch, located northeast of Austin and Southwestern Railroad tracks that run north of Walter E. Long Lake. A minor tract extends into the Manor city limits to the front of U.S. Highway 290, but most of the land is in the city of Austin’s extraterritorial jurisdiction.
Most notably, the opening of the Texas 130 toll road was expected to spur the development of thousands of homes and millions of square feet of commercial space. But it didn’t, and the 1,800-acre-plus site in Austin has remained undeveloped, thanks to the economic downturn starting in 2007 that froze lending to retailers and homebuilders eyeing the site.
But Dwyer and other real estate experts in the region see interest in the area resurging thanks to continued home construction in the vicinity and more businesses coming to Austin. Despite the downturn, homes also have been selling on Manor’s side of Wildhorse Ranch in a residential community of 600 homes now named Wildhorse Creek, which recently sold its last patch of lots.
“Wildhorse Ranch is in the desired development area of Austin, so anyone looking to come in or build homes or serve the population already growing out there should take a look at it,” Dwyer said. “Add to that the new expressway being constructed out there, a nearby stop on one of the proposed rail lines, and being only 12 minutes from downtown Austin, and it’s still a prime spot.”
Originally, Dwyer bought the land for Wildhorse and proposed a master-planned community with mixed uses, including 3,900 lots for detached, single-family homes; 3,000 multifamily units; a corporate campus for a major employer; retail space; a network of parks and trails; and possibly a golf course, which was later scratched.
In 2007, Dwyer and his partners sold the land to a group of out-of-state investors that eventually split the project into five pieces and wanted to boost the project to 7,000 homes. But the group ran out of money in 2008, and Wildhorse Ranch was taken over by the group’s lenders, which are banks and capital groups.
The majority of Wildhorse now belongs to Titan Capital, represented by Dwyer, who has shepherded the entitlement process. He has other projects in the area and remains the project’s lead advocate.
Recently, one of the lenders put up a 200-acre parcel of Wildhorse Ranch land for sale through NAI REOC Austin. The asking price is $17,500 an acre, but that includes the obligation to help extend Parmer Lane, said Joyce Jane Weedman, NAI Austin’s vice president.
“I believe that later this year and certainly in 2011, we will see these retailers come back,” Weedman said. “There are literally thousands of starter-home lots planned, platted and built within a few miles, and we feel there will be a flurry of new rooftops within the next couple of years. And of course, retail follows rooftops.”
fvara-orta@bizjournals.com | (512) 494-2523
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