News Article | 2/21/2011

468-acre housing development opens in March

The residential division of Hillwood Development Co. will begin next month selling properties in the recently-acquired Rocky Creek Ranch off Hamilton Pool Road.

The company, Hillwood Communities, purchased the 468-acre property out of foreclosure last fall where Kerby Development LLC quit a $40 million plan for hundreds of homes. Hillwood is advertising less expensive homes than the last developer, according to its website. Units will range from $320,000 to $600,000, where Kerby planned $500,000 to $1 million properties, according to previous reports.

The property is adjacent to the 4,700-acre Shield Ranch Nature Conservancy and includes heavily-wooded home sites on cul-de-sac streets.

It is one of several projects Hillwood has developed in Central Texas, including the 900-plus-acre Spanish Oaks residential and golf community that was sold at auction the same time as Rocky Creek. Comerica Bank paid about $29 million for the property at Bee Caves Road developed by Hillwood, Discovery Land Co. and CCNG Realty Inc.