Builders get revved up about formula for development
Posted on October 12, 2010 at 6:17 PM
The corner of Highway 71 and 130 may be quiet and vacant, but in a couple of years it should be racing with activity. The location is a few miles away from where the Formula 1 race track will be built in Elroy.
“That's the major intersection out there so we see future long term growth,” said developer Pete Dwyer of Dwyer Realty.
Dwyer owns property at that intersection. He sees one formula for development.
“If this is as successful as we think it's going to be, there is going to be the development of hotels, restaurants, shopping centers, the background support for big entertainment venues like the Grand Prix,” said Dwyer.
Tuesday, promoter Tavo Hellmund spoke at The Real Estate Council of Austin's monthly membership luncheon. He gave an overview of the master plan for the future home of the Grand Prix.
“Our goal is not to just do a race,” said Hellmund. “If we build this as we envision it, someone driving down 130 will see signs to this facility and look over and say that is where the...complex is and oh by the way, that is where they hold the U.S. Grand Prix.”
Races are expected to have a huge economic impact.
“I think the mood is one of excitement because it has a potential to create jobs, draw international interest to our community,” said Diana Zuniga a developer/broker.
In 2008, Grand Prix events generated about $394 million in Bahrain, and $221 in Malaysia. State officials project an economic impact around $300 million annually; larger than South by Southwest and an entire season of UT football home games combined.
"We feel the opportunity is real,” said Jim Powers with JL Powers Associates. “We feel there is an opportunity to be on the cutting edge, and this is an incredible opportunity for Austin and this part of Central Texas, so we're really excited about it.”
Posts
