NORTHRBOOK, Ill., June 8, 2023 /Realty Wire/ — Hilco Real Estate, LLC announces July 18, 2023, as the bid deadline for the bankruptcy sale of this prime multifamily development parcel in Bastrop, Texas.
This fully entitled 49± acre tract of land, boasts over 1,000 FT of Colorado River frontage, making it an unparalleled canvas for creating a remarkable multifamily residential community. There is potential to develop 426 duplex units or take a hybrid approach that would include both 214 duplex units and 380 apartment units over 14 buildings in order to maximize density. Proposed community amenities include a dog run, children’s play area and an idyllic private orchard. Due to the rise in development within the immediate area, plans are in the works to bring a city sewer line along FM-969 to compliment the already-present electrical lines present on the site. With its prime location immediately adjacent to the highly anticipated XS Ranch Commercial Center and the cutting-edge SpaceX and The Boring Company manufacturing facilities, this development site offers an unrivaled blend of natural beauty and convenience.
In recent years, the capital region of Texas has experienced a remarkable surge in growth and economic development. Due to the influx of new tech companies and a flourishing business ecosystem, this area has become a hotspot for invention, attracting global giants like Dell, Tesla, Samsung, SpaceX and The Boring Company. Other noteworthy projects include the construction of the 552 film studio in Bastrop, as well as the Hutto Megasite with the Samsung facility spanning 200 acres in Taylor, bringing roughly 1,400+ of permanent jobs to the area.
Situated 10 minutes northeast of downtown Bastrop, this parcel benefits from excellent infrastructure – offering convenient access to major transportation arteries, including Highway 71, Highway 95 and State Highway 21, as well as the Austin-Bergstrom International Airport, just 19 miles to the west. Its proximity to Austin and surrounding cities enhances its appeal and provides ample opportunities for residents to connect with the thriving metropolitan areas or commute to these new developments.
Terry Rochford, senior vice president of business development at Hilco Real Estate, stated “This development parcel is already located within one of the hottest markets in the nation. When coupled together with the economic “shot in the arm” provided by the neighboring SpaceX and The Boring Company sites and the streamlined nature of the bankruptcy process, this sale represents one of the most compelling multifamily development opportunities in Central Texas and I have no doubt sophisticated investors and developers that will want to get in on the action.”
Steve Madura, senior vice president at Hilco Real Estate, added, “Bastrop offers an exceptional quality of life, blending small-town charm with modern conveniences.” He continued, “The city’s commitment to community development, cultural enrichment and the preservation of its historic heritage while at the same time being open to new technologies make it an attractive place to live, work and invest. By participating in this opportunity, buyers can help contribute to the growth and vitality of a city on the rise, while benefiting from the region’s economic prospects.”
The sale is being conducted by Order of the U.S. Bankruptcy Court Western District of Texas (Austin) Bankruptcy Petition No. 1:23-bk-10140, In re: Great West Development, Inc. Bids must be received on or before the deadline of July 18, 2023 at 5:00 p.m. (CT) and must be submitted on the Purchase and Sale Agreement available for review and download from Hilco Real Estate’s website.
Interested buyers should review the bid procedures for requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate’s website. For further information, please contact Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com, Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com and Adam Zimmerman at (847) 504-2461 or azimmerman@hilcoglobal.com
For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
SOURCE Hilco Real Estate