Newmark Knight Frank (NKF) announces the recent land sale of six acres, part of 125 acres sold in the last 12 months at Plum Creek–a 2,200-acre master-planned community with mixed-use zoning located in Kyle, Texas. NKF’s Joshua LaFico, Jesse Weber and Andrew Childers represented the landowner, the Negley Family. NKF worked closely with the development manager MG Realty Advisors, an affiliate of Momark Development, which is led by long-time Austin area developer Terry Mitchell and Project Principal, Megan Shannon. The land was purchased by Sparrow Partners, an Austin, Texas-based multifamily-focused commercial real estate firm.
Situated 20 minutes south of Austin and an hour north of San Antonio, Plum Creek is well-positioned in Kyle, Texas; the growth of the two metros has led to expansion along the I-35 corridor. Approximately 400 acres remain to be developed in Plum Creek, which will include restaurants, retail, residential and office uses. Plum Creek’s newest, six-acre parcel will feature senior housing, a great addition to the mixed-use community.
“We continue to see steady growth momentum along the I-35 corridor,” stated LaFico. “Through the pandemic, single family home sales in Austin are moving at a record pace, causing inventory to drop. Suburbs such as Kyle are benefitting from rising housing costs in the core of Austin. Communities that create walkable, mixed-use environments with an emphasis on green space will continue to flourish.”
Upon completion, Plum Creek will have over 9,000 homes and apartments, and over 700 acres of commercial land, including a 165-acre business park. The planned 138-acre, mixed-use Uptown District will comprise a mix of street level retail, office space, hotel and convention space, as well as restaurants and entertainment. The Phase I of Uptown is under construction. Plum Creek already includes over 2,600 homes, approximately 2,100 multifamily units, a 1,000 seat Performing Arts Center and access to Austin Regional Clinic. The ACC North Hays Campus is in the heart of Plum Creek with approximately 2,400 students, and 38,000 Texas State students are just 15 minutes away.
In addition to the recent six-acre closing, other notable transactions in Plum Creek include 75 acres sold to Northpoint Development Company with plans for 860,000 square feet of industrial/distribution space; 46 acres sold to Majestic Real Estate, on which they built 535,000 square feet of industrial spec space and have since leased 307,000 square feet to Amazon; 23 acres sold to ENF Technologies for its first U.S. facility, totaling 180,000 square feet; 14.4 acres sold to Momark and Cardinal Multifamily for Phase I of the Uptown District, which will consist of approximately 300 multifamily units, 8,000 square feet of retail and a 6,000-square-foot amenity center; 12 acres sold to Urbana Homes and 16 acres to Prominence Homes, both for single-family residential; and 2.52 acres sold to St. Ive’s Realty for a retail development.
Plum Creek is designed to allow residents and employees to live, work, play and learn–all in the same community. According to NKF Research, Austin Community College (ACC) Hays Campus sits on 100 acres along Kohler’s Crossing and Kyle Parkway, with 2,000 students and counting. Featuring more than 350 acres of open space, Plum Creek residents and future employees can enjoy the Plum Creek Golf Course, a 30-acre catch and release fishing lake, miles of scenic hike and bike trails and numerous pocket parks.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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