Columnar Investing $100 Million in Georgetown Main Street

Small town squares and Main Streets across Texas are getting 21st-century makeovers to lure tourists and boost local economies as populations around major metro areas skyrocket.

The latest is the Austin suburb of Georgetown, which could get a second Main Street with a $100 million price tag and a few thousand homes.

Dallas-based Columnar Investments is spearheading the proposed Heirloom development, a 620-acre mixed-use project northwest of Ronald Reagan Boulevard and County Road 248, just across from an H-E-B grocery store development site, the Austin Business Journal reported.

Plans call for up to 3,600 residential units, 48 acres of parkland and at least 200,000 square feet of commercial space, centered around a walkable retail district meant to mirror the city’s existing downtown square.

The developers presented the project to the Georgetown City Council last month to gather feedback before seeking annexation, zoning approval and the formation of a public improvement district to help cover infrastructure costs.

Georgetown, about 30 miles north of Austin, has been the fastest-growing city of its size nationwide for three consecutive years. Its population grew 43 percent to over 96,000 from mid-2020 to mid-2023, according to the U.S. Census.

A comparable project is taking shape about a two-hour drive away in Fredericksburg, where Houston-based DC Partners plans to expand the town’s Main Street by way of a 22-acre project featuring retail, restaurants, tasting rooms and a small luxury hotel.

Georgetown officials have said they want the area’s growth to be accompanied by “leading-edge” design and regional retail offerings.

Columnar Vice President Logan Kimble told council members the plan is to build the site from west to east, phasing in infrastructure and vertical construction to reflect market demand.

The mix of housing types, including apartments, townhomes and single-family homes, is meant to offer “missing middle,” entry-level and luxury options all in one package. Trails and green space will be a central feature, including a four-mile loop trail.

The site also includes a 120-acre tract owned by the Georgetown Independent School District, expected to be developed into a school campus.

The project’s consultant team includes Lionheart Places for planning and design, Metcalfe, Wolff, Stuart and Williams LLP for land use, Gray Engineering and transportation firm BOE Consulting.

Columnar aims to begin the project next year.

If approved, Heirloom would add to the city’s growing list of large-scale developments. Georgetown has emerged as a regional manufacturing hub in recent years, attracting companies like GAF Energy, US Farathane, Hanwha Advanced Materials and ZT Systems.

— Judah Duke