AUSTIN-Richard Barge’s decision to build along Lake Travis was driven by a desire to make money – and to enjoy his free time. “Any change to get a deal down in Austin and spend time down there, we do it,” says Barge a University of Texas graduate who enjoys revisiting his old stomping grounds.
Barge’s Dallas investment firm Winston Capital Corp., recently purchased 250 acres on the north shore of Lake Travis. Situated on a peninsula across from Lakeway, the site eventually will encompass about 200 more homes and a condominium project with 40 to 70 units. About 80 homes existed when Winston Capital acquired the property, dubbed Waterford Lake Travis. An affiliate of Winston Capital obtained the site after a Chapter 11 bankruptcy deal involving the previous developer fell through.
"Barge expects construction on about 20 waterfront lots to begin this summer. Barge point to The Hollows at North Shore, developed by Centex Homes division Centex Destination Properties, as an example of success in the area. “You can feel like you’re out in the Hill Country, be on the lake,” Barge says. “And in 20 or 30 minutes you can be at a nice restaurant in Austin. Homes at Waterford Lake Travis will range from $700,000 to $2 million, he says, and condos will sell for $300,000 to $500,000. The single-family homes will contain at least 2,500 square feet, with one home planned for 12,000 square feet. The condos will average 1,500 square feet.
Projects such as Waterford Lake Travis will be bellwethers for future developments along the north shore, says Eldon Rude, Austin director of Houston-based research firm Metrostudy Corp. “These guys are taking a risk out there,” Rude say dos Winston and Meritage, “and they’re betting that it’s time.”
