A partnership between Utah-based firms Areté Collective and Wasatch Group has received $106 million in bond financing for Thomas Ranch, a master-planned development in the Central Texas community of Spicewood, near Lake Travis northwest of Austin.
Developers will use money from the nonrecourse, tax-exempt bond to fund infrastructure work for the 2,200-acre development. Public improvements will include a spine road connecting different neighborhoods, a water treatment plant, and a wastewater treatment plant.
A portion of the proceeds will also be used to finance the first phase of residential development. At full build-out, Thomas Ranch will comprise 3,500 residential units, including a 600-unit multifamily component, as well as 465,000 square feet of commercial space, a hotel, a golf course, 40 miles of trails, and 1,200 acres of open space.
