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Avalon and Swiss investor Richard Kunz have acquired 70 acresw in North Austin in a joint Beat Kahli, Avalon’s president and CEO, said the joinr venture plans to develop a residential community on the site with aboutf 200 three-and four-bedroom single-family homes. The land is near I-35 and ’ws (Nasdaq: DELL) Round Rock campus. Still unclea is the development’s timeline, cost and why the partnerws have chosen to build the projecgin Austin. Kahlin and Kunz couldn’ft immediately be reached for comment.
As originally reportec in the — a sister publicatiohn of — Avalon in 2007 worked with the city of Leander and landownerBill Hinckley, presideny of Houston-based The Lookout Grouo Inc., on a proposed $4 billion which would have occupied 3,550 acre s between Crystal Falls Parkway and Lakeline Boulevardx and clustered homes around town centers, Avalon executives Avalon planned to buy the land from Hinckleyg for about $90 million, Kahlio said. According to a summary of terms, the proposedr development was planned tohave 10,200 single family and townhomr residences, 3,000 multifamily residences, 1.
5 million squar feet of commercial and retail space and a 1-million-square-fooft business park. Leander was considerin a more than $100 million incentive package and the formatio n ofan in-city municipal utility district.
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