About McClung Properties

Neill McClung is the Managing Director of KW Commercial - Austin Northwest Office, and Owner of McClung Properties, Inc.

McClung provides commercial real estate investment brokerage, including acquisitions and sales, REOs, partnerships and joint ventures / private placements, as well as property leasing and management.

Neill McClung works directly with over 20 agents who specialize in all commercial products including multifamily, office, retail,  industrial, hotel, ranches and development. 

Neill McClung has strong relationships with all the major commercial real estate brokerage companies in the State.  This provides an advantage to acquisition opportunities early and often off-market.


Mr. McClung is a licensed real estate broker in Texas, and a General Partner for income partnerships.  

Lakeway, due to the recent opening of The Lakeway Regional Medical Center, is our current focus for single tenant acquisitions with minimal landlord responsibilities.

http://www.lakewayregional.com/

McClung Properties Mission Statement

McClung Properties, Inc. is a specialist commercial real estate firm offering investment brokerage, buyer’s representation and partnerships for acquisition of single tenant, value-added income properties and land investments in growth corridors, 1031 tax differed exchanges, and long term appreciation holds.


Notable recent examples include Lake Creek Square Center in Round Rock, Texas Heritage Plaza in Georgetown, and three office buildings in the Arbor Business Center in Dripping Springs.  McClung lists unique opportunities, most of which are not publicized until closing, for example, Northcross Mall and land tracts on Westinghouse Road.


McClung Properties was ranked in the Top 25 Commercial Real Estate Brokerage Firms by the  Austin Business Journal, for 2006 and 2007. 


Neill McClung was a Senior Vice President with Heitman Financial for 10 years with a 6 million square foot portfolio of institutional office properties in major markets across the U.S.  Prior to moving to Austin, he started and grew a start-up southwestern acquisition company to $200 million of high profile reposition mixed-use and retail properties. As CEO, he was responsible for leasing and managing 3 million square feet of owned properties and another 3.5 million square feet of third party managed properties with over 160 employees.  


Mr. McClung also has significant brokerage experience at the national level working for 10+ years at Heitman Financial, managing over 300 employees and 8 million square feet of institutional office repositions. 

The national and regional experience of McClung Properties lends a valuable perspective for our clients.  



To maximize client and partnership investments, McClung Properties, Inc. also offers full-service Property Management, Bookkeeping and Leasing. 
 
For our clients and owners, we have experience facilitating repairs, managing accounts and invoices, collecting rents, generating monthly reports on income and expenses, and bookkeeping include account management, deposits, payment of expenses, and year-end reports to be provided to you tax professional.


We have the business and financial professionals to provide you with monthly reports that are accurate, detailed, and timely. 

We strive for retention and satisfaction of existing tenants, coordinating service with vendors, marketing for leasing of vacant space and/or property sales, all at competitive rates. Our goal is to maximize our client's investments and provide over-all owner satisfaction.

If you are interested in our property management and leasing/listing services, please call Neill McClung at 512-785-6810 or by at neill.mcclung@sbcglobal.net

Neill McClung's Bio

Recent Closings Include:

- Midland Office Development Land, 5 acres, partner

- 3 commercial pad sites in Dripping Springs near the new "downtown," represented buyer in bank transaction

- 10 lots in Briarcliff, represented buyer/homebuilder relocating from California,

- 10 lots in Lakeway, represented buyer/homebuilder,

- 2,500 s.f. lease to Austin Title Company (owned by Fidelity) at 901 Cypress Creek Boulevard in Cedar Park .



To Contact Neill McClung:


mail and office address:


12515-8 Research Blvd., Suite 100
Austin, Texas 78759


Cell: (512) 785-6810
Direct: (512) 266-9501
Fax: (512) 346-9634


KW Commercial Front Desk: (512) 637-8120


neill.mcclung@sbcglobal.net

Buyers Needs

BUY: Stalled subdivisions in path of growth � Texas major cities Location: San Antonio, Dallas/Fort Worth, Houston, and all suburbs along major growth corridors in Texas Type: Single Family Land/Subdivision - any size Details: Looking for residential development land in the path of growth for all Texas major cities, properties should have a compelling story and pricing for cash buyer.

BUY: 2 -4 acre development site for 30-40 office condos Location: Austin area - Buda, Kyle, Georgetown Type: Land for Office Development Details: Want to buy 2-4 acres development site for 30-40 office condos at 836sf each; 2 units per building. Needs to be on a major arterial in Georgetown, Buda or Kyle.

BUY: Single Tenant Sale/Leasebacks - $1-2 million Location: Texas - Large Cities Type: Retail and Office Buildings and Condos Details: Buying sale/leasebacks in major metro MSA�s. Must be true NNN with no LL maintenance responsibilities. 8% cap on current NOI with rates increases. 10 year leases. $1 � 2 million. Looking for occupied single tenant buildings

BUY: $10 - $ 100 million class B office buildings in Oil Markets Location: Tulsa, Oklahoma City, Midland, Houston, Corpus Christi Type: Office Building(s) / Portfolios Details: Need to buy $10 - $100 million Class A Office Buildings in oil markets -- Houston, Oklahoma City, Tulsa, Midland, Corpus Christi etc. Primarily would like to have a 9% � 10% CAP with either a less than full building or substantially below market future rents.

Need to buy: Second Generation Restaurant Space � downtown, UT area / and or limited-service hotels to reposition Location: Downtown Austin / UT Area Type: Restaurant, Hotel Details: Value-add strip centers with second-generation restaurant space � occupied or vacant - Austin area. Also interested in limited-service hotels in need of repositioning to buy. Also looking at downtown UT area second-generation restaurants and restaurant space.

BUY: 20-25 Acres for Retail Development Location: Austin & San Antonio MSA's Type: 20-25 Acres Retail Land � all major highways, near people Details: Looking to buy 20-25 acres on �A� location for retail development on major highways from Austin north down to San Antonio in the south. Any major road or highway will be considered. Zoning in place and utilities to the site. No floodplain, level and existing ingress/egress is preferred. Like the I-35 corridor between Austin and San Antonio, as well as 183, 71, 290, 45, I-10, and new toll 130. Should be close to cities.

BUY: Expanding dental practice needs 3,000 s.f. Location: Round Rock, Hutto, Kyle Type: Office Condo or Building Details: Expanding dental practice is buying 3,000 s.f. in Buda, Kyle, or Georgetown. Prefer second-generation dental or medical space for easier retrofit.

BUY: $1 million Retail Strip Center Location: Austin SMSA Type: Retail Strip Center Details: Need to Buy $1 million REO Retail Strip center to Rehab and Fill in Austin SMSA. Looking for low $ psf. Centers need to be 50% minimum occupancy.

BUY: Inner City Office Building Location: Austin Type: Office Building Details: Looking to buy a $3 - $8 million office building, Class A- or B+. Wants 7% cap rate on in place income with 20% vacancy to move on site and add value. Prefer downtown area, Mopac/360, or Arboretum locations.

BUY : Occupied Office Condos Location: Lakeway, Cedar Park, Georgetown, Leander, Round Rock or Pflugerville. Type: Office Condos and Buildings Details: $500,000 to $4 million. Lakeway, Cedar Park, Georgetown, Leander, Round Rock or Pflugerville. 8 Cap Minimum in Place. Buildings should be less than 10 years old, and have 3-5 year leases with professional tenants.

BUY: Finished Residential Lots Location: Austin Type: Singly Family Lots Details: $3 - $20 million retail property or portfolio with upside from: � Lender restructuring � Vacant or soon to be vacant anchor � In-line vacancy � Pad sites � Extra parking � Under-market rates due to need of renovation

BUY: Stable Retail in Strong Locations � Texas $3 - $10 million. Location: Texas Type: Retail Properties / Portfolios Details: Looking for stable retail in strong Texas markets with �A� locations. $3 - $10 million. Buyer OK with mid-markets and local credit in Class A projects.

BUY: $5 - $20 million Retail Property of Portfolio Location: Texas Type: Retail Details: $3 - $20 million retail property or portfolio with upside from: � Lender restructuring � Vacant or soon to be vacant anchor � In-line vacancy � Pad sites � Extra parking � Under-market rates due to need of renovation

BUY: 80+ unit Multi-family Apartments Location: Texas Type: Apartment Buildings / Portfolios Details: 80 plus units � Austin, San Antonio, Houston. Including close mid-markets, as well. Class B or C with B location. Must have on-site management and maintenance.

BUY: $15 million minimum apartment Location: Anywhere in the Southwest United States. Type: portfolios with upside Details: Looking for distressed sellers.

BUY: 80 unit or less Multi-family Location: Austin, San Antonio, & Houston Type: REO's Details: 80 unit or less multifamily REO�s in Austin, Houston, and San Antonio SMSA�s. Buyer has an area asset manager so onsite is not necessary.

BUY: Long-term leased office or retail property Location: Texas Type: Office or Retail - $3.5 million Details: Repeat 1031 buyer for $3.5mm long term leased national/regional credit Texas property.

BUY: Off-market Retail and Office Location: North Austin/Cedar Park Type: Retail and Office Details: Looking for off-market retail and office between 3,000 to 25,000 s.f. on: � Anderson Mill between pond springs and 620; � 183 between 360 and Lakeline, � Old Hwy 183 (Bell Street) between Lakeline and FM 1431, and � Cypress Creek between Bell and Anderson Mill.

The History of McClung Properties

PRIOR TRANSACTIONS

List of Austin-Area Properties bought or sold by McClung Properties, Inc.:

Austin Title Lease on Cypress Creek Rd, Cedar Park, TX
5 Acre Office Development Land in Midland, TX
Three Retail Pad Sites, Georgetown, TX
Texas Heritage Plaza, Georgetown, TX
Multi-Tenant Office Bldg, Georgetown, TX
Multi-Tenant Office Bldg, Georgetown, TX
Entitled Commercial Land, Georgetown, TX
Texas Heritage Plaza, Georgetown, TX
2 unit Office Condo Bldg Georgetown, TX
Windsor Village Shopping Center
Lake Creek Plaza, Round Rock, TX
Cambridge Office Condo, Austin, TX
Franklin Bank Bld on Slaughter/Manchaca, Austin, TX
Village Lake Office Condo Bld 7, Georgetown, TX
Village Lake Office Condo 803, Georgetown, TX
Westinghouse Road 95.5 Acres, Georgetown, TX
1500 W University Office Building, Georgetown, TX
The Arbor Center, Dripping Springs, TX
Village Lake Office Condo 1004, Georgetown, TX
Round Rock East Center
Brusy Creek Commons
Northcross JV, Austin, TX
J. Harris Pad at Northcross - Austin, TX
Northcross Pad Sales (Schlotskys & ABC Bank)
3609 Williams Drive, Georgetown, TX
Shady Hollow Office Condo
7001 N IH-35 Land
901 Cypress Creek Office Condo
Stonegate Office Condo
Westinghouse Road Land, Georgetown, TX
Steele Land Tract, Georgetown, TX
13740 Research Blvd Building E Units 1&2
800 Hwy 290 W Building B The Arbor Center
Westinghouse Land Tract, Georgetown, TX
9 Unit Office Condo Portfolio
Building A The Arbor Center, Dripping Springs, TX
Building B The Arbor Center, Dripping Springs, TX
Jonestown Center—Retail FM 1431, North Shore Lake Travis



TOTAL  	710,428 s.f.  	$79,207,360.00



List of Properties Bought or Sold by Neill McClung for Midland Red Oak Realty (MRO):


Woodhill Building - Midland, TX
Trinity Professional Center - Midland, TX
La Placita Building # 9 - Tucson, AZ
Forrest Oil Building - Midland, TX
Victoria Mall - Victoria, TX
Plaza Oaks - Midland, TX
San Miguel Square - Midland, TX
Town & Country - Odessa, TX
Southwest Plaza - San Angelo, TX
River Oaks Village - Abilene, TX
Colonnade at Polo Park - Midland, TX
Madera Village - Tucson, AZ
Bear Canyon - Tucson, AZ
Plaza Palomino - Tucson, AZ
Bears Path - Tucson, AZ
Reunion Center - Tulsa, OK
Century Plaza Building - Midland, TX
50 Penn Place - Oklahoma City, OK
Independence Plaza - Midland, TX
The Plaza - Tulsa, OK
Crossroads Mall - San Antonio, TX
La Placita - Tucson, AZ
Trinity Towers - Midland, TX



TOTAL	3,664,565  s.f.


List of Properties Managed and Bought or Sold by Neill McClung for Heitman Financial:


Paragon Building, Midland, Texas           
Negotiated a lease with Atlantic Richfield Co. for the entire building.


Hightower Building, Midland, Texas
One year later negotiated an 80,000 square foot lease with Pioneer Natural Resources.


One City Center, St. Louis, Missouri
In 1991 Neill took One City Center, a 375,000 s.f.office building located above St. Louis Center from 20% to 90% occupancy. Leases negotiated included Blue Cross/Blue Shield (107,000 s.f.); Deloitte & Touche (36,500 s.f.); & the Shepard, Phoenix law firm (20,000 s.f.) Major competition was a new Metropolitan Life Building and the CBD during a period where tenants were migrating to the suburbs.


2700 North Central Building, Phoenix, Arizona
Leased 2700 North Central to stability in the weakest sub-market In Phoenix while rates in the overall market dropped. Leases were Structured for shorter terms with free rent up front and higher lease Rates so as to hold value and allow leases to roll as the market Recovered. Some of the major tenants were Xerox and Compaq.


Phoenix, Arizona
Supervised tenant retention in Kenney’s Distribution Center (500,000 s.f.) & Honeywell Robotics Tech Center (300,000 s.f.)



Bank of America Plaza, Reno, Nevada
Took property from 70% to 90% occupancy at increased rates (including Federal Judges and large law firms) while new Federal Courthouse was being constructed adjacent to the Bank of America Plaza. Mr. McClung converted a vacant ground floor space to a  10,000 square foot upscale restaurant, Adele’s at the Plaza.

References

Neill McClung		 (512)785-6810(c); (512)266-9501(o)  neill.mcclung@sbcglobal.net

EDUCATION
MBA in Management, BBA in Accounting

AFFILIATIONS
Texas/National Association of Realtors (TAR/NAR);  Central Texas Commercial Association of Realtors (CTCAR)

KEY SKILLS
Work closely with board of directors to build successful organization.  Direct decisions for property acquisition and dispositions.  Successfully create value for owners through astute purchase, creative leasing and knowledgeable management of office, retail and industrial properties.  Specialist in revitalizing and turning around commercial properties.

EXPERIENCE:

2011-Present            KW Commercial
Managing Director
Affiliated with KW Commercial for international platform and systems.  Managing Director at the Northwest Austin Branch Office.  The relationship with KW Commercial provides synergy with McClung Properties, Inc. for my listings and division agents, to maximize service to clients.

2003-Present		McClung Properties, Inc., Principal/Broker
Independent investment broker.  Buyer representative with Austin, Midland, Dallas/Ft Worth client base.  Work with trust individual and institutional buyers, and 1031 Exchanges.  Dramatically grow portfolios through acquisitions and property improvements.  Effectively drive change and growth through innovation, trust and consensus building.  Closed $11 Million in 2005, over $42 Million in 2006, and $27 Million in 2007.

1993-2003		Midland Red Oak Realty, Inc., CEO/Director
Guided the growth and startup of Midland Red Oak Realty, Inc. (a real estate subsidiary of Southwest Royalties, Inc.) into a $200 million company in five years with over 165 employees.  As President Neill was responsible for acquisitions, leasing, repositioning, development, disposition and property value enhancement activities.  Developed broker relations and agent recruiting.  Directed due diligence and acquisitions of over 3,900,000 square feet of office and retail properties throughout the Southwest.  Oversaw all brokerage transactions related to dispositions and portfolio leasing activity.

1983-1993		Heitman Properties, Ltd., Senior Vice President
Started with Heitman as Leasing Manager in Midland, Texas and became Senior Vice President overseeing 7,000,000 square foot portfolio of office and turnaround assets located in a seven state region.  His responsibilities included formulating and implementing marketing and capital improvement budgets and programs; negotiation of major lease transactions; civic and brokerage public relation programs and investor reporting.  Neill was directly responsible for more than 80 employees including asset managers, leasing managers, and property managers.

DEVELOPMENT:
Red Oaks:   380+ acres in Midland platted as residential & commercial. Directed completion of Entitlements, FEMA, and disposition (sold in late 2002).
Saddle Club East:   32.47 acres, 49 residential lots in Midland.  Fully developed.
Lewisville, Texas:    90 acres residential & commercial, fully developed & sold (1998-2001).
Austin:  Development of Multiple Pad Sites
Tucson, AZ:  Development of Multiple Pad Sites

Commercial Real Estate News

Apple plans 3,600 new jobs for Austin

By:
Friday, March 9, 2012

Apple Inc. is proposing to more than double its operations in Austin over the next 10 years, creating as many as 3,600 jobs in what it is calling its Americas Operations Center.

The proposal was announced Friday by Gov. Rick Perry, who said the State of Texas has offered Apple $21 million in incentives over 10 years from the Texas Enterprise Fund to win the deal.

Apple's final decision on the deal is waiting on a contract from the state and approval of incentives by the City of Austin and Travis County. The city has proposed incentives of up to $8.6 million.

City officials said the company is considering another expansion site in Phoenix and won't make a final decision until the Texas offer is completed and approved.

The project, which would be built in two phases, calls for Apple to spend $304 million on land, buildings and equipment for a 38-acre campus at West Parmer Lane and Delcour Drive in Northwest Austin. That proposed campus is close to Apple's current campus on Riata Vista Circle.

Apple has operated a customer support center in Austin for the past two decades, and it has grown to about 3,500 employees as Apple's business has expanded.

Bolstered by tremendous growth in sales of smart mobile devices, Apple is considered the most profitable company in information technology. It reported a profit of $25.9 billion on sales of $108.2 billion for the fiscal year that ended Sept. 24.

The company was guarded in what it said about the Austin expansion project.

"We're looking forward to building a new campus in Austin, which will more than double the size of our workforce there over the next decade," Apple said in a statement. "Our operations in Austin have grown dramatically over the past decade, from less than 1,000 employees in 2004 to more than 3,500 today."

The city estimates that Apple would create between 650 and 3,635 full-time jobs if it builds its Americas Operations Center here. It estimates the average annual wages paid for new Apple workers in Austin would be $63,950. About 93 percent of the jobs are expected to be filled with local hires, the city said.

The types of new jobs would include expanded sales, customer support and accounting functions for Apple's business in North and South America, the governor's office said.

The city is proposing to give Apple an economic development grant of $8.6 million based on a 10-year waiver of real and personal property taxes on the new development.

The City Council is expected to conduct a special meeting on the agreement Thursday and vote on approving the deal March 22.

Apple is proposing to build the campus in two phases, according to city documents. The first phase, which would be completed before the end of 2015, would include about 200,000 square feet of building space. The second, larger phase would include up to 800,000 additional square feet of space.

"The expansion of their Austin facility adds to the growing list of visionary high-tech companies that have found that Texas' economic climate is a perfect fit for their future, thanks to our low taxes, reasonable and predictable regulations, fair legal system and skilled workforce," Perry said in a statement.

Austin Mayor Lee Leffingwell said he is "thrilled that Apple has decided to more than double their workforce here in Austin through economic development agreements with the city, county and state."

"This is a great deal for our citizens, as this will be another cash positive agreement for the City of Austin. Apple has been part of our community for many years and we are proud to welcome their Americas Operations Center, which will have thousands of good jobs available and will grow our economy even more," Leffingwell said in a written statement.

Travis County Judge Sam Biscoe did not provide an estimate of the county's incentives offer to Apple but said it will be "substantial."

Biscoe said he expects the county's offer "will be significantly less than the city's" and said he expects the Travis County Commissioners Court will vote on the deal shortly after the Austin City Council votes.

"Where we have a good partner who wants to expand here and where we have a history with them, we want to be cooperative," Biscoe said. "I want to tell taxpayers that we have a capital investment that is substantial, new jobs created and more tax revenue created" than is rebated to the company.

"Apple represents the most appropriate type of tech company that we should be attracting to Austin," said economist Angelos Angelou, who headed the Greater Austin Chamber of Commerce recruiting team that brought the company's first operations here in the early 1990s. "The fact that they are expanding their presence here is validation that Austin has done quite well by Apple. This is an employer that we worked very hard to bring to Austin 20 years ago, and it is great to see them choose Austin for such a significant expansion."

Apple, which is building a new headquarters complex in Cupertino, Calif., needs to expand outside California as well to support its fast-growing global business, said analyst Roger Kay with Endpoint Technologies Associates.

"Apple is on fire," Kay said. "They are doing incredibly well. They are putting a lot of operations in a lot of places, and they have a lot of money and a lot of growth they need to manage."

Contact Kirk Ladendorf at 445-3622

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Apple Inc [Read More...]

Source: Austin American Statesman

Lakeway hospital developer envisions apartments, retail, offices as part of medical campus

By:
Wednesday, Jan. 18, 2012

LAKEWAY — As workers put finishing touches on the main hospital of the Lakeway Regional Medical Center, slated to open this spring, its developer is focusing on what's next for the land surrounding the hospital.

During Tuesday's City Council meeting, Lakeway council members and the public were given a glimpse by James Kerby, a partner of developer Phin-Ker Ventures, of the future of the medical campus off RM 620. Council members didn't vote on any issues related to the site Tuesday night but urged Kerby and the hospital's chief executive, Dave Kreye, to consider traffic and water issues as the campus grows.

According to Kerby and Phin-Ker's website, the planned 93-acre campus, with the 274,500-square-foot, 106 bed-hospital, will include:

• Restaurants.

• Apartments.

• 75,000 square feet of retail space.

• An extended-stay hotel.

• A day care center.

• About four miles of trails.

• Three 53,000-square-foot medical office buildings.

• An assisted-living facility.

• A 75-bed rehabilitation hospital near the main hospital.

• A recovery center.

Kerby said Phin-Ker has looked at other mixed-use medical campuses and similar facilities in Florida. Kerby told council members that construction on other buildings will get under way shortly after the main hospital is completed.

The campus would be built in phases, but the look, materials and colors of its buildings and residential units would be complementary and have some design ties to the main hospital, Kerby said.

mharper@statesman.com; 445-3974

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LAKEWAY — As workers put finishing touches on the main hospital of the Lakeway Regional Medical Center, slated to open this spring, its developer is focusing on what's next for the land surrounding the hospital [Read More...]

Source: www.lakewayregional.com

Lakeway hospital opening in April

By:
January 20, 2012

Although the Lakeway Regional Medical Center is expected to generate hundreds of jobs and millions of dollars for the Lakeway area, local leaders say they are most excited about the health-related benefits of having a full-service hospital and emergency center nearby.
 
Lakeway hospital opening in April
 
Gene Davis

Lakeway Regional Medical Center CFO Steven Perez (left) and CEO David Kreye stand outside the hospital currently under construction.
 
Related
Plan for Lakeway Regional Medical Center campus unveiled
The hospital, scheduled to open in April, will offer a variety of medical services, many of which have only been available more than 20 miles away in Austin for residents in the Lakeway area.
“In the past, if you had any kind of serious illness or accident, it’s a long way down to most of the hospitals in this town,” Lakeway Mayor Dave DeOme said. “That’s always been an issue.”
LRMC CEO David Kreye said he became convinced of the benefits of having an acute care hospital nearby when his son had a medical emergency. He said having the hospital close to home in San Antonio was a potential lifesaver.
“If I didn’t have a hospital close, the outcome might have been different,” he said. “We’re excited to be able to offer that same kind of real high level of service so close to home.”
The 274,500-square-foot LRMC will offer a wide variety of services and specialties, including cardiology and cardiothoracic work, women’s health, physical therapy and sports medicine, gastrointestinal, respiratory and speech-language pathology services. There will be 20 emergency rooms, six operating rooms and two cesarean section suites. The hospital will have state-of-the-art equipment and electronic medical records.
The hospital’s primary service area will be the approximately 100,000 people in Lakeway and surrounding areas.
“This [hospital] really satisfies a need that’s out here,” DeOme said.
Employment
LRMC is expected to become the biggest Lakeway employer, Lake Travis Chamber of Commerce President Laura Mitchell said.
The medical center will employ approximately 250 people when it opens, with about 110 of those being doctors. The medical center could employ 500 people by the end of the first year as it grows and 1,000 people after the third year, Kreye said.
Kreye said LRMC has been getting about 15 resumes a day through its website. He said a majority of the resumes are from highly qualified professionals in the Austin area.
“We are really excited there are so many well-trained, high-end professional folks right here that are willing and excited about the project and want to serve their community and have real true high-quality health care right here at home,” he said.

Real estate professionals have expressed excitement about LRMC.
Keller Williams Realty Lake Travis broker and team leader Mary Lynne Gibbs said in addition to the possibility of having LRMC employees move to the area, having a hospital nearby can be a selling point for many potential residents.
“As we mature, having a hospital close by is one of the factors people take into account when they’re buying a home,” she said.
Mitchell added that the LRMC economic benefit extends beyond the real estate market.
“It means they will shop out here, they will eat out here, they will buy gas out here,” she said of the increase in people LRMC will bring to the area.
Economic predictions
A wide range of economic forecasts have been issued on the medical center, with the U.S. Department of Housing and Urban Development estimating in 2010 that the center project could bring more than $450 million to the area and support 2,429 full-time jobs. A study by a University of Texas graduate student said that by Phase 4, which is expected to begin in 2017 and expand the hospital from 240 beds to 400 beds, LRMC would annually generate $424 million for the region.
In addition to LRMC, the 54-acre development it will anchor will generate more revenue. Additional medical office buildings, a hotel and retail spaces have been named as potential parts of the development. The developer of the surrounding area is expected to release more details on the project in January.
DeOme said studies have shown that LRMC and the surrounding project is expected to generate more than $200 million in property tax revenue, which would be more than 10 percent of Lakeway’s current base property value of $1.4 billion.
Meanwhile, Kreye has been proactively downplaying economic impact projections until April approaches.
“As we get closer [to opening], it’s easier to make those assumptions a little bit tighter, and then it’s easier to calculate what the true economic impact would be,” he said.
Traffic
Kreye said residents should expect an increase in traffic around LRMC on RR 620. But he added that LRMC will likely try to stagger employees’ shifts so they don’t overlap with when students arrive and leave nearby schools.
Point of Origin owner Jaime Bush, whose business is near the hospital along RR 620 at 2300 Lohmans Spur, said while she doesn’t like congestion on the highway, she is more excited about the potential increase in foot traffic to her business.
Mitchell had similar thoughts and said LRMC is ultimately going to be good for the area.
“I think we’re all going to have to be kind of patient with the traffic,” she said. “I think the good of the boon to the economy certainly outweighs the congestion.”

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Although the Lakeway Regional Medical Center is expected to generate hundreds of jobs and millions of dollars for the Lakeway area, local leaders say they are most excited about the health-related benefits of having a full-service hospital and emergency center nearby [Read More...]

Source: Community Impact - Lake Travis / Westlake