An 8,700-person Texas ranch that had been in development purgatory for more than five years has finally emerged from bankruptcy and found a buyer, paving the way for its potential development.
Capital Land Investments 3 LP has purchased 10,000 acres in Bastrop County, including the XS Ranch, from CL Bastrop, the Austin Business Journal reported.
A former owner, XS Ranch Fund, drew up plans in 2013 for 7,000 residential units, 300,000 square feet of retail space, and a bridge over the Colorado River to the future neighborhood. Those plans never materialized after allegations of embezzlement led the ranch to file for bankruptcy in 2016.
Bastrop County is home to the town of Bastrop, which has grown into a town of approximately 10,000 people and is sought after for its growth potential. Bastrop is not far from a new Tesla factory. Major projects in the area include the 546-acre Bastrop 552 film studio and a campus for the headquarters of fintech company Moca Financial Inc.
Riley-McLean Land co-founder Carlotta McLean signed documents on behalf of CLI 3, according to Bastrop County records cited by the Business Journal. McLean and his managing partner Tim Riley represented the previous owners as real estate brokers when the property was sold in 2009.
While Riley told Bastrop City Council that any development of the land was unsecured, noting that CLI “may waive any development of XS Ranch and may simply hold the asset for the foreseeable future,” he said. He also said Riley-McLean owns approximately 15,000 acres in central Texas, and has the ability to develop the site “if they wish.”
[Austin Business Journal] – Madeleine Sperling