An 8,700 Texas ranch that sat in development purgatory for more than five years finally emerged from bankruptcy and found a buyer, setting the stage for its potential development.
Capital Land Investments 3 LP bought 10,000 acres in Bastrop County, including the XS Ranch, from CL Bastrop, the Austin Business Journal reported.
A previous owner, XS Ranch Fund, laid out plans in 2013 for 7,000 residential units, 300,000 square feet of commercial space and a bridge over the Colorado River to the future neighborhood. Those plans never materialized after allegations of embezzlement led to the ranch filing for bankruptcy in 2016.
Bastrop County is home to the town of Bastrop, which has morphed into a city of about 10,000 and is being eyed for its growth potential. Bastrop isn’t far from a new Tesla factory. Major projects in the area include the 546-acre Bastrop 552 movie studio and a headquarters campus for fintech company Moca Financial Inc.
Riley-McLean Land co-founder Carlotta McLean signed paperwork on behalf of CLI 3, according to Bastrop County records cited by the Business Journal. McLean and Managing Partner Tim Riley represented the previous owners as real estate brokers when the property was sold in 2009.
While Riley told the Bastrop City Council that any development of the land isn’t assured, noting that CLI “may forgo any development of XS Ranch and may merely hold the asset for the foreseeable future,” he also said, that Riley-McLean owns about 15,000 acres in central Texas, and has the ability to develop the site “should they so choose.”
[Austin Business Journal] – Madeline Sperling