70-Acre Destination Development Planned for Georgetown
GEORGETOWN, Texas, Dec. 11 /PRNewswire/ — Bourn Partners — a real estate development firm headquartered in Tucson, AZ, with regional offices in Austin — today announced a 70-acre destination retail development to be located on IH 35 at Inner Loop in Georgetown as part of Longhorn Junction, a larger 350-acre mixed-use, master-planned development. Pending city approvals, developers expect to break ground on the retail component in 2009.
“Longhorn Junction will be unlike anything currently in Williamson County,” Don Bourn, chief executive officer, Bourn Companies, LLC, said. “We are delighted with this opportunity to create a dynamic, one-of-a-kind retail environment for Georgetown residents, neighboring communities and visitors to Central Texas.”
Slated to feature family attractions, entertainment venues, unique destination retailers, one-of-a kind restaurants and national and local retailers, developers expect the project to attract visitors from in excess of 100 miles of the site. The project will measure approximately 800,000 to 1-million square feet.
The destination retail development is the second project to be developed within Longhorn Junction. In January 2007, Citicorp announced a $450-million, 250,000 square-foot data center located on the southern portion of the property. Citicorp, an affiliate of the New York-based global finance company's Citigroup, Inc., completed construction on the data center during the fourth quarter of 2007.
Bourn Partners has secured phase one financing and has completed land acquisition for Longhorn Junction. It has assembled a team of industry experts including OTB — a leader in the creation of destination developments-and IRR Corporate & Public Finance, LLC — a national firm specializing in real estate valuation and consulting services.
About Bourn Partners
The Bourn Partners team is comprised of more than 80 employees with a market presence in Arizona, California, Colorado, Texas and Nebraska. In 2006, the company had in excess of $450 million in gross development transactions. In addition to development activities, Bourn Partners actively manages and leases more than 2.4 million square feet of commercial product. With more than $1 billion in projects at various stages of development, Bourn Partners is a premier real estate developer throughout the Southwest. Bourn Partners' Austin office was opened in 2004 to expand development opportunities and investment and brokerage efforts in Texas. For more information, please visit
http://www.bournpartners.com
MEDIA CONTACTS:
Elizabeth Christian & Associates Public Relations
Kristin Marcum
(512)-472-9599
SOURCE Bourn Partners
© 2007 PR Newswire. All Rights Reserved.
