Inspire Real Estate Development LLC recently broke ground on the Pearson Ranch development, a project in suburban Austin expected to cost more than $2 billion and expected to include office and retail space.
According to the Austin-based Inspire Development website, the Pearson Ranch development will encompass 156 acres, featuring seven residential communities, 200,000 square feet of retail space and more than 2 million square feet of office space.
“Backers imagine it as an entertainment and work hub anchoring a burgeoning technology corridor north of the capital city,” noted a KXAN report. “Plans include a 48-acre corporate headquarters, although no tenants have been announced.”
Dirt has been turned for the first phase of the project on a 41-acre tract located near West Palmer Lane and State Route 45, according to the Austin Business Journal, and it is expected to include a 600,000-square-foot office building, three multi-family residential buildings and retail space.
The Austin Business Journal also noted that developers were drawn to the acreage because it is neighboring a number of tech employers, including the new Apple campus just two miles away, and Amazon, about 10 miles from the site.
According to the Austin Business Journal, the groundbreaking included representatives from Williamson County and the City of Austin. Ultimately, the report noted that it could take developers up to 15 years to complete the entire scope of the project as currently proposed, and in addition to the office and retail space, it would ultimately include restaurants, cultural spaces and 30 acres of green space.