A Florida-based developer will auction off almost 60 acres of waterfront property in Lago Vista, near Austin.
Safe & Green Holdings seeks a buyer for 58 acres it owns on the edge of Lake Travis, the Austin American-Statesman reported. The property has already been approved to support more than 200 multifamily units, a hotel and a marina, Safe & Green told the publication.
The developer bought the land in 2021 for about $3.5 million, and it was most recently appraised for tax purposes at $13 million.
The online auction will be managed by Los Angeles-based Crexi, an online commercial real estate marketplace, and brokered by Gilezan Global via eXp Realty. The owner previously hired Douglas Elliman to sell the property for $15 million in April 2022, but the listing was ultimately taken down.
The lakeside community of Lago Vista, about 35 miles northwest of central Austin, is a fast-growing area. The 2020 census counted more than 8,890 people, an almost 50 percent increase from the 2010 census.
“We believe the growth of the area combined with a change from condo to multifamily rental exemplifies the significant increase in value of this property,” Safe & Green SEO Paul Galvin said.
The date of the auction hasn’t been released yet, but Safe & Green is looking to close in the second quarter of 2023. Crexi, which sells commercial properties on its virtual auction platform, said bidding typically lasts 48 hours.
“As all auction sales are non-contingent, we encourage bidders to begin reviewing the due diligence items right away and get in touch with the listing broker with any questions,” Crexi told the outlet.
— Victoria Pruitt