Feature Illustration: Artist rendering of an office building for the project. Image: OM Properties.
Posted: 4-17-2024
Georgetown (Williamson County) — The Austin branch of Jefferson Bank — the San Antonio-based, family-owned and -operated legacy institution serving communities in South Central Texas since 1946 — has announced it is partnering with and providing financing for OM Properties to construct a 50,700 square-foot mixed-use office, retail and flex development at 3701 West State Highway 29 in Georgetown. The development is called The Preserve.
“We are excited to partner with OM Properties on this exceptional project in a rapidly growing area of Williamson County,” said Jefferson Bank-Austin President Jon Rebello. “We are equally pleased to have forged a strong relationship with OM Properties Owner Vipul Gopani and his team. They are the type of customers we want — dedicated to constructing only high-quality projects that serve a clear need while minimizing environmental impacts, engaging with the community and promoting economic growth.”
OM Properties broke ground on phase one of the development in December 2023 and anticipates it will take 18 to 24 months to complete this portion of the three-phase project. Phase one is comprised of the vertical construction of five buildings; one two-story office building, two retail buildings and two flex space buildings, as well as most of the horizontal construction for the entire site of this development. Phases 2 and 3 will add 13 more buildings to The Preserve for a total of 18 buildings.
Upon completion of all three phases, The Preserve will be an estimated $70 million dollar development. Jefferson Bank is providing around $20 Million in financing for Phase 1.
In addition to Jefferson Bank, project partners include Mode Design Company (architectural design), NAVCON Group (general contractor) and 2P Consultants (civil engineering).
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Edited from news release.
art@virtualbx.com
