Multimillion-dollar 58-acre site on Lake Travis set to be sold at auction

Lori Hawkins, Austin American-Statesman
·3 min read
Florida-based Safe & Green Holdings Corp., a developer, designer and manufacturer of modular structures, said it will hold an online auction of its Lago Vista property on Lake Travis.
Florida-based Safe & Green Holdings Corp., a developer, designer and manufacturer of modular structures, said it will hold an online auction of its Lago Vista property on Lake Travis.

A Florida-based developer, designer and manufacturer of modular structures said it will hold an online auction of a 58-acre waterfront property in Lago Vista that is ready for development.

Safe & Green Holdings Corp. said the property on Lake Travis has approval to support 200-plus multifamily rental units, an amenities package, a hospitality project and a 40-boat slip marina.

The property was acquired for about $3.5 million in 2021 and was recently appraised at roughly $13 million, Jacksonville-based Safe & Green said. According to the Travis Central Appraisal District, the land in the Highland Lake Estates neighborhood on American Drive is registered to SGB Development Corp.

The owner previously put the property on the market in April 2022 for $15 million with Douglas Elliman Inc. as the broker, according to a news release at the time.

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Lago Vista is a fast-growing lakeside community on the northern shores of Lake Travis. According to the 2020 U.S. census, Lago Vista was home to 8,893 people. That's a 47.3% increase in population from the 2010 census.

Crexi, a Los Angeles-based company that operates an online commercial real estate marketplace, will facilitate the online auction. Gilezan Global brokered by eXp Realty will serve as the broker of record.

“We are looking forward to selling our Lago Vista property via online auction,” Paul Galvin, CEO of Safe & Green Holdings said in a written statement. “We bought the property prior to the massive amount of growth that the greater Austin, Texas, area has seen, and we are confident that the sale price will reflect this sharp increase in value."

The Lago Vista property has entitlements to support 200-plus multifamily rental units, according to the property owner. An artist's rendering shows what some of the housing units could look like.
The Lago Vista property has entitlements to support 200-plus multifamily rental units, according to the property owner. An artist's rendering shows what some of the housing units could look like.
The Lago Vista property has entitlements to support 200-plus multifamily rental units, according to the property owner. An artist's rendering shows what some of the housing units could look like.
The Lago Vista property has entitlements to support 200-plus multifamily rental units, according to the property owner. An artist's rendering shows what some of the housing units could look like.

Galvin said that for the time being, Safe & Green will continue to proceed with the development plan.

“This sale will capitalize Safe and Green Development Corp. and allow capital return to our parent company, Safe & Green Holdings Corp.,” Galvin said. “We believe the growth of the area combined with a change from condo to multi-family rental exemplifies the significant increase in value of this property.”

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The current timing calls for a closing in the second quarter of 2023. Further information regarding the auction, including, the date, will be made public later, Safe and Green said.

Founded in 2021, Safe and Green Holdings Corp. focuses on the development of sites using prefabricated modules built from wood and steel source from Safe & Green Holdings factories that are operated by SG Echo.

Crexi, founded in 2015, sells commercial properties on its auction platform via a secure bidding format accessible on the property page, according to the company's website. Bidding typically runs for a duration of 48 hours, with bidders encouraged to check in regularly on the listing page for continued updates.

"As all auction sales are non-contingent, we encourage bidders to begin reviewing the due diligence items right away and get in touch with the listing broker with any questions," Crexi said.

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This article originally appeared on Austin American-Statesman: $13M waterfront site on Lake Travis set to be sold at auction