la Frontera In the News

Austin American Statesman

June 6, 1998

328 acres on I-35 under contract:
Fort Worth's Bass brothers want to build Arboretum-like development on tract near Round Rock

by Dylan Rivera, American-Statesman Staff

The Bass brothers of Fort Worth, whose high-rise apartments and commercial developments transformed that city's downtown, are trying to buy 328 acres of ranchland and bring hotel, office and retail development to Round Rock.

A corporation owned by some of the brothers has an earnest-money contract to buy the property, said Bill Boecker, who represents the Bass corporation in the deal. He would not say which of the four Bass brothers -- Ed, Bob, Sid or Lee -- are involved in the Round Rock project.

The company is developing a master plan for commercial development that might resemble the Arboretum area of Austin or Dallas' Las Colinas northwest of Dallas, Boecker said. Austin developers Don Martin and Bill Smalling have also invested in the land.

If successful, the project would develop the fourth corner of Round Rock's hottest intersection -- FM 1325 and Interstate 35. The site also ranks as one of the most congested spots in the Austin metropolitan area.

"It's not just a hot intersection -- it's one of the most lucrative, attractive, vibrant real estate opportunities in the state, and that' s why we're going to be careful in our approach," Boecker said.

The Bass brothers inherited a fortune and have invested their millions in real estate, oil and environmental conservation projects, Boecker said. The family developed Sundance West, a $40 million complex with stores, apartments and a movie theater that helped bring commerce and activity to downtown Fort Worth.

Proposed toll roads Texas 45 and an extension of MoPac Boulevard are planned to intersect in what is known as "The Big T" just west of the tract.

Boecker said the would-be buyers are consulting the turnpike division of the Texas Department of Transportation for information on where the toll roads would be located. Because of the planned roadways and the large size of the tract, it will take five to 10 years for the project to develop, he said.

Bass representatives have been talking with city planning and transportation officials about the project for several months, City Manager Bob Bennett said.

"I think that certainly it's a plus for Round Rock to be able to attract this kind of attention on properties . On the other hand I don't think this isn't anything we haven't expected to occur," he said. The tract has access to Round Rock water and sewer service but is located just outside the city limits. It borders the Blessing area, a subdivision mostly of mobile homes that the city hopes to redevelop into affordable housing.

Bennett said the two projects are in no way connected.

Tom Kouri, a longtime Williamson County resident, owns a 227-acre portion of the plot, with frontage on both I-35 and FM 1325. Sam Neuman and Gay Deutsch-Winter , who live outside Central Texas, inherited another 101 acres of the land from their parents.

The Bass corporation and its Austin partners have about 60 days to close the contract, said Forrest Troutman, an attorney representing Kouri.

Kouri, who has raised cattle on the tract since he bought it a few decades ago, wants quality development on the property, Troutman said.

"He wanted it to be something that would benefit Round Rock and this is why he had an interest with the Bass people, because they indicated it would be an Arboretum-type development," Troutman said. "He wants to see that and Round Rock wants to see that and the buyers want to see that."

The contract to buy the land was signed a few days after Radler Enterprises of Houston failed to close on a 55-day contract that company had to buy the ranches, Troutman said.

"They were wanting to sell it before they closed it," Troutman said. "That's not what the Basses are going to do. They've got enough money to do it, I guess."

Fred Higgins, a broker with Commercial Industrial Properties Co., said the tract is too far from central Austin to attract Class A office space.

"I don't think your software people are going to be eager to locate there when they can locate in the northwest or southwest or west, where they live," Higgins said. "It's going to be driven by the basics out there as opposed to glamour -- the basics being you have employment and transportation."

Dan Listrom, of First Regional Properties in Austin, is studying the market for hotel, office and retail uses for the buyers.