STAFF WRITER JARED FIELDS
Financing for a Public Improvement District on 242 acres of the Gregg Ranch development is edging closer to reality.
A PID is an area established to provide public improvements financed by property owners within the district.
The Gregg Ranch development is located south of Texas 71 on the west side of US 281. Over the course of nine years and seven phases, the developers anticipate building 707 single-family residential lots and 522 multi-family units.
Should the financing plan be approved by the city and bonds be sold this summer, the first phase of construction is expected to begin this fall.
Planned amenities in the development include a swimming pool, a splash pad, a playground, a gazebo, a multi-use sports field, hiking and biking trails, and about 12 acres of parkland.
Public improvements will include water and wastewater line extensions, three water retention ponds, improvements to US 281, and street lighting.
In bond documents attached to the June 4 meeting, the developers state lots will be 50-, 60-, and 70-feet wide with average home prices starting between $253,125 and $303,975.
The Gregg Ranch development is the first, but not the only, development proposed for that area of Marble Falls. Potential developments at Live Oak Village, Roper Ranch, and Flatrock Springs could materialize in the coming months, or years.