Luxury condo compound coming to Cottonwood Shores
This rendering shows the general look of Bluffview Waters, a recently approved condominium compound slated for southwest Cottonwood Shores in the next three to five years. Image courtesy of Cottonwood Shores
A deal between a Dallas developer and Cottonwood Shores leaders has solidified plans for a high-end, $75 million condominium project on the west side of the city.
Bluffview Waters has been in the making for the past two years. A development agreement was approved by the Cottonwood Shores City Council on Aug. 7.
Rubicon Capital Investments, the firm behind the luxury condos, has plans for two, five-story residential buildings with 113 multi-bedroom units and 15 villas. The project also will include a poolside bar, a fitness spa, tennis courts, pickleball courts, on-site hiking trails, an amenity center, and more.
The new development will sit atop a large hill off of FM 2147 near the Horseshoe Bay border. The site is one of the highest points in Burnet County, according to the developer.
Cottonwood Shores City Manager J.C. Hughes shared some numbers behind the project with DailyTrib.com, stating that each of the condos would likely sell for around $900,000. While the project will cost $75 million to build, once completed and all improvements and amenities are finished, the entire development should be valued at around $150 million. He put this in perspective, noting that the current value of all of Cottonwood Shores is around $200 million.
The projected buildout for Bluffview Waters is about three to five years.
According to Hughes, the city has gone back and forth with the developer on height requirements and other concerns for the past two years, and he believes most of it has been settled in the recently approved agreement.
“When a developer buys a property, we’ve got to work with them,” he said.