58 Acres in Lago Vista, TX - $10,000,000
Project Name: The Peninsula
Location: Lago Vista, Texas on Lake Travis, one of the most beautiful lakes in Texas
Property: Beautiful 58 acre natural peninsula on the main body and a cove of Lake Travis. Main body frontage of 700 lineal feet will never go dry. Out of the 58 acres, 4 acres is located above the new FEMA flood plain level for Lake Travis of 722 feet msl. This is sufficient site area for the 150 - 225 unit waterfront condominium project.
The PDD covers the south 40 acres of the 58 acre site, which includes the 4 acre peninsula tip located above the flood plain. The 150 unit condo project will be constructed on this 4 acre peninsula tip.
The 18 acre excess site is located adjacent to, and north of, the 40 acres and is suitable for trails, recreational uses, and possibly future development, subject to city approvals.
Public utilities available to the project include elect...
Public utilities available to the project include electricity, telephone, water, wastewater, cable television, & Roadrunner high speed Internet. An on-site gas system can be constructed if desired by the developer.
The old existing hotel is closed and the city has approved demolition of this structure to facilitate construction of the new condominium project.
The property is located in the Lago Vista ISD.
Project Type: Up to 225 waterfront condominiums approved (current project designed for 150 units), 200-slip dry stack marina, on-shore restaurant/bar, meeting rooms, spa/medical, retail, & floating restaurant/bar, boat tie-ups, & 50-slip floating marina all approved by the City of Lago Vista.
Asking Price: MAI appraisal of $16,675,000, will sell the 40 acre PDD for cash for $9.5 million cash, sell the entire 58 acres for $10 million cash, or Joint Venture at terms TBD. The project consists of 40 acres approved for up to 225 condos plus 18 acre excess site, site engineering, site development permit, and building plans – see page 8 for Sale & Development options, including Joint Venture terms.
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