A developer who’s been in the Central Texas real estate game since Willie Nelson’s hair was still red is making a $100 million move in San Marcos.
John Lloyd of Austin will add nearly 3,000 homes sites, a $70 million wastewater treatment plant and commercial and multifamily spaces near Highway 123 and Beback Inn Road, MySA reported.
The 712-acre development, called Sedona North and Sedona South, is on the southeast side of San Marcos.
The first phase of development, Sedona North, will comprise 280 lots with 50-foot homesites, which Lloyd plans to sell to a homebuilder or develop himself. Sedona South will offer an additional 2,500 lots. Homes are expected to be priced at about $500,000. Amenities such as parks, trails, dog parks and pools are also planned.
The San Marcos City Council was scheduled to review Lloyd’s proposal for two municipal utility districts this week. MUDs are political subdivisions that have the power to levy property taxes or issue bonds to pay for infrastructure, including water, sewer, drainage and roads.
The wastewater treatment plant will occupy about 20 acres. Lloyd and two other developers are expected to contribute $50 million toward the plant’s cost over 10 years. The city will own and operate the plant and fund the other $20 million.
Lloyd, who has been in business since 1978, divides his time between Austin and Hawaii. He has developed subdivisions in San Antonio, Pflugerville, Leander, Round Rock, Hutto, Manor and New Braunfels.
San Marcos has seen explosive growth over the last decade, with many developers aiming to leverage the location between Austin and San Antonio for business growth. For instance, New Jersey-based developer Denholtz Properties recently acquired two industrial warehouses in San Marcos totaling 213,000 square feet.
Buc-ee’s is also expanding to San Marcos, having secured a $4.2 million tax subsidy for a 74,000-square-foot store.
— Andrew Terrell
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