Eyeing a Growing Market, H-E-B Buys Sizable Property In Central Texas
AUSTIN, TX - Hot on the heels of its recent expansion in North Texas, H-E-B has purchased a 17.2-acre plot in the Del Valle area of Austin, Texas—an area poised for rapid growth.
“As we review our long-term planning options it often makes sense to purchase property in advance of our current real estate needs,” said Leslie Sweet, H-E-B’s Director of Public Affairs for Central Texas, according to Austin-based news source Statesmen. “Development in Southeast Austin and Del Valle has been encouraging and it made sense to invest in this land. We have a network of stores in East Austin, and we remain interested in this community and look forward to watching it grow and develop.”
The purchase is part of a 390-acre swath called “Velocity Crossing,” zoned for mixed-use projects. The Crossing, annexed by the city in October of 2013, is the proposed site of an ambitious development project, and landowners Karl Koebel, Doug Lanius, and George Robinson III are hoping H-E-B will provide an anchor around which other businesses will congregate.
The area is primed for rapid growth, with 55,916 homes planned for the area according to Metrostudy, a service that tracks the Austin-area housing market.
“We believe a sale to a major grocery store ratifies the strength of the location, and is a precursor for additional retail services within the Velocity Crossing mixed use development,” Koebel said. “The area is undergoing significant growth and we are pleased to be a catalyst of the rapidly expanding market.”
Ultimately, Velocity’s Crossing is expected to include retail, office, local arts and entertainment, apartment, hotel, and industrial spaces.
H-E-B has yet to develop a concrete development plan for the site, but the expanding San Antonio-based grocer is almost certainly planning to grow its already imposing presence in Austin. Stay tuned to AndNowUKnow for developments as they occur.