Zovest Capital is pursuing a 722-acre development in Austin’s fastest-growing suburb.
The Wyoming-based firm, led by CEO Rama Krishna, has submitted a proposal to the Georgetown City Council that would create a municipal utility district for Lakeside Estates, a project slated for 1,500 homes and a resort hotel, the Austin Business Journal reported.
Under its Lakeside Estates Georgetown LLC, Zovest purchased the 722-acre tract in 2021. The land, comprising six parcels and next to the sprawling Santa Rita Ranch neighborhood, was valued at $17.8 million in 2022.
Lakeside Estates would bring 15,000 single-family homes to the north Austin suburb, which has experienced rapid growth in recent years, as its population increased by 14.4 percent in 2022. Most lot sizes would range from 45 to 80 feet, but 145 homes would sit on one-acre lots, the outlet said
Plans also call for a 15-acre resort hotel, 4.7-acre amenity center and 131 acres devoted to open space, which would include about 34 acres for a public park. The developers hope to start the project in February 2025 and complete it in 2028.
Zovest is seeking to create a municipal utility district, a taxing district that could finance infrastructure. The developers want to create a temporary “package plant” on the property to reduce utility costs and provide water until infrastructure is built to connect into the city’s water system. Zovest has also been in talks with Williamson County to extend county roads.
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The city appears to be in favor of the development.
“This is a very good workable solution with a developer that has brought forth a very well thought out plan,” Georgetown council member Shawn Hood said, citing the diversity of housing types and the public park.
—Quinn Donoghue