Waterfront acreage up for bids in Lago Vista

Safe & Green’s offering near Austin was valued for tax purposes at $13M

Safe & Green’s CEO Paul Galvin and the waterfront property in Lago Vista near Austin (Safe & Green, Google Maps)
Safe & Green’s CEO Paul Galvin and the waterfront property in Lago Vista near Austin (Safe & Green, Google Maps)

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.

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“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

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