Avana is a 1,000 acre project that is being developed in Southwest Austin and lies in both Travis and Hays County. Construction began in November on 100 acres of residential development by Standard Pacific homes. Avana is located at the southeast corner of Escarpment Blvd. and Toll 45 SW.
The project has filed for foreclosure in the past year and has changed ownership. Transcontinental Realty Investors Inc., a Dallas-based company, owns the Avana property. Previously, this property was to be a master planned community with around 1,000 homes, an 18-hole golf course and a hotel. Now, the Avana property is being sectioned off and sold to different developers and is being rezoned for residential development only. Liberty Bankers Life Insurance Co. bought 200 acres for a section known as Spillar Ranch within Avana while Standard Pacific purchased 100 acres. Other properties may be ready for sale in the Spring of 2011 depending on the timing of the rezoning. The price range of homes in Avana is projected to be from the mid $200K’s to the low $300K’s.
Circle C accommodates approximately 5,000 acres in Southwest Austin and has over 4,300 homes with the master plan reaching completion. With little room to expand, Circle C homeowners are looking at nearby developments, such as Avana, in which they may want to eventually include in the Circle C homeowners association.