Developers Areté Collective and Wasatch Group have secured $106 million in construction financing to start a high-end community near Lake Travis
The funding, underwritten by D.A. Davidson’s Development Finance Group, will support the construction of roads, utilities and sewage systems at the 2,200-acre site, setting the stage for residential and commercial development, the Austin Business Journal reported.
The project, situated along State Highway 71 near Spicewood within Thomas Ranch, is called Loraloma Private Club & Estates. It will eventually contain 3,500 homes, 465,000 square feet of commercial space, a private golf course and a hotel. Over 1,200 acres of open space and 2 miles of river frontage will be incorporated into the design.
Sales at Loraloma are being handled by Casey Drake of Compass Development Marketing Group
Infrastructure work is expected to finish next fall, and the first homes will be completed around the same time. Areté Collective plans to build 12 speculative homes, with prices starting at $2 million, alongside 36 homesites costing about $800,000.
Buyers can choose from a selection of pre-designed homes or work with approved builders to create a custom residence.
The golf course was designed by David McLay-Kidd, the architect behind the Castle Course at St. Andrews Links in Scotland. The Loraloma course is expected to be completed by the end of this year, with an opening slated for 2025.
In addition to the luxury homes, Wasatch Group is planning 500 apartments and 100 townhomes ranging from 650 to 1,700 square feet.
— Andrew Terrell
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