Plans Unveiled for $2B Pearson Ranch Mixed-Use Hub

An Austin-based developer has broken ground on a $2 billion-plus mixed-use project on 156 acres off the State Highway 45 toll road in Williamson County.

Backers imagine it as an entertainment and work hub anchoring a burgeoning technology corridor north of the capital city. Plans include a 48-acre corporate headquarters, although no tenants have been announced.

Inspire Real Estate Development LLC, along with Williamson County and city of Austin officials, on Jan. 28 held a private groundbreaking for the Pearson Ranch development, northeast of West Parmer Lane and SH 45. Parts of the property are located in Austin's extraterritorial jurisdiction.

Developers said in a Jan. 31 announcement they have begun work on the 41-acre first phase of the project, which includes approximately 600,000 square feet of office space, three upscale apartment communities and some lifestyle retail. Roadways and utilities are expected to be completed within six months.

At full buildout, the property will include approximately 2.6 million square feet of class A office space; 200,000 square feet of retail, restaurants and community and cultural spaces; two hotels; thousands of upscale residences; and 30 acres of parkland. Pearson Ranch is expected to be fully complete in 10 to 15 years.

For comparison, The Domain is roughly 300 acres with thousands of apartments, about 1.8 million square feet of retail space and multiple office towers.

The Pearson Ranch developers said they were drawn to the site because of its proximity to a number of tech employers, including Apple Inc.'s new $1 billion campus, which is less than 3 miles away on Parmer Lane. They said the project is aimed at attracting local restaurants and retailers connected to public spaces and hike-and-bike trail systems, with a focus on sustainability, vitality and community lifestyle.

"This property has such an inherent natural beauty and rich heritage, yet is juxtaposed with incredible proximity to major tech employers and workers that define the future in so many ways,” Inspire Managing Principal Brett Ames said in a statement. "We worked very closely with our team to create a plan that tightly knits the past, present and future into the most compelling land plan possible. Frankly, we feel a true sense of obligation to get it fully right."

Gallery: Check out renderings of what's planned at Pearson Ranch in the slideshow below.

The site includes 48 acres of land for a corporate campus of 2 million square feet, which developers said is ideal for companies looking to locate near major tech employers, including Apple (Nasdaq: AAPL) but also Dell Technologies Inc. (Nasdaq: DELL), which has campuses further down Parmer Lane and State Highway 45 in Round Rock. Austin Business Journal reported that Amazon.com Inc. (Nasdaq: AMZN) has purchased land nearby for a possible warehouse and distribution center.

Representatives from Inspire said they cannot share any additional details at this time, but a Project Pearson Ranch has been listed on the agenda of the Williamson County Commissioners Court in executive session under economic development negotiations since Oct. 26. Inspire representatives said they have not received any incentives for the project.

Williamson County Judge Bill Gravell did not share additional information, but touted the development as being in a "new premier hub for major technology companies."

Gravell has previously said Williamson County is primed to play host to the "technology superhighway of the world," stretching from the Apple campus to the Dell campus in Round Rock to the future site of Samsung Electronics Co. Ltd. next-generation semiconductor factory in Taylor, and whatever comes in between.

"It is the most optimal location in Texas for a corporate headquarters. We're very grateful for the Pearson family and the company that purchased it," Gravell said on Jan. 31. "It's a premier spot and I would think you'll probably see a great deal of interest from the technology sector."

Williamson County property records show that a company called Fifty Times Two LLC, operated by Ivalene Pearson Banks and her husband, sold the land to a company owned by Ames in Dec. 2019. Ames transferred that to a new LLC, Pearson Ranch Development Inc., in October.

The project represents the continued trend of "live, work and play" developments rising throughout the Austin region, especially in the northern suburbs and fast-growing Williamson County, which grew from 422,679 residents in 2010 to 609,017 in 2020, according to the U.S. Census Bureau.

Other large mixed-use projects in Williamson County include a 117-acre development centered around a future Nebraska Furniture Mart in Cedar Park; The District, a $200 million-plus mixed-use development in Round Rock; and Northline, a 115-acre project in Leander.

Pearson Ranch is located just east of Capital Metropolitan Transportation Authority's Lakeline Station, a stop for the Red Line commuter train that runs from Leander to downtown Austin. The station also includes both Express and Metro bus service. It's also located less than 10 miles northwest of what is arguably Austin's second downtown, home to The Domain, Austin FC's Q2 Stadium and the forthcoming Uptown ATX, a 66-acre, $3 billion mixed-use project. Capital Metro recently moved dirt for a new Red Line station at Uptown ATX.

“As a native Austinite ... I remember back when Austin didn’t have toll roads, when Anderson Mill Road didn’t go all the way through to Parmer Lane, and when 620 and 183 was just a four-way stop. Times are changing, and with that our city needs well thought-out plans for how we change and grow,” said Mackenzie Kelly, who represents Northwest Austin's District 6, in a statement. “Thoughtfully planned communities like Pearson Ranch increase safety and improve mental health. I’m excited about new jobs and better lives in our district and also in Central Texas.”

Ames noted the Pearson family asked developers to retain the Pearson Ranch name and "it's something we were honored to do."

"Embedded in the DNA of our master plan is that that we’re an ideal mix of the past and future," he said in an email. "We will preserve large oak trees and parkland, adding in a trail system. At the same time, we’ll create best-in-class homes, offices and retail spaces that will all work together to create a convenient, connected lifestyle. We want Pearson Ranch to truly feel like 'home' to future residents and tenants for generations to come."

Inspire Development has worked on a number of residential, mixed-use and corporate projects in Austin and beyond, according its online portfolio. That includes a similar project, dubbed North Station, in Farmington, Utah, which is 240 acres and is entitled for 1.6 million square feet of office, 100,000 square feet of retail and 1,700 housing units.

Representatives said they self-funded the initial equity needed for the project, while Austin-based Keystone Bank provided the construction loan for horizontal infrastructure.

Other companies involved in Pearson Ranch include Pittsburgh-based architecture and planning firm Urban Design Associates Inc., which designed the development. BGE Inc., which just announced plans to expand its Round Rock office, is the civil engineer. Land Strategies Inc. is the local land planner, Davies Collaborative is the multifamily architect and Powers Brown Architecture is the office architect.

This article originally appeared in the Austin Business Journal. To read the full article, click here.