NORTHBROOK, Ill., Oct. 3, 2024 /PRNewswire/ -- Hilco Real Estate Sales announces November 6, 2024, as the qualified bid deadline for the Chapter 7 bankruptcy sale of 403± acres of development land located along Highway 29 in Georgetown, Texas. The property will be sold in its entirety as part of the sale.

Located 25 miles north of downtown Austin, Georgetown has consistently been ranked one of the nation's fastest-growing cities. The city has grown 53% since 2020 with over 105,499 residents to date. Through a combination of affordable housing, low cost of living and proximity to major employers, Georgetown provides a sustainable environment for its new and current residents, as well as a fertile environment for businesses to thrive.

The site itself is located six miles east of downtown Georgetown along the banks of the San Gabriel River. Preliminary plans call for the development of a premier, mixed-use project featuring 1,200+ single and multifamily homes, retail, office, hospitality and entertainment components, together with an abundance of parks, trails, gardens and open greenspace.

The location benefits from proximity to large retail amenities, including Round Rock Premium Outlets, Wolf Ranch Town Center and University Oaks Shopping Center, as well as notable attractions, including Round Rock Sport's Center, Kalahari Resort and Dell Diamond. The property is also close to major employers, including the Samsung Austin Semiconductor facility (4,600 employees), Dell headquarters (13,000 employees), Tesla Giga Factory (20,000 employees), Baylor Scott & White Medical Center (800 employees) and Seton Medical Center Williamson (450 employees), as well as five universities: Texas State University Round Rock, Texas A&M Health Science Center, Austin Community College, Southwestern University and Temple College. Based on its frontage along Highway 29, closeness to Interstate 35 and Toll 130, access to numerous local and national retailers as well as major employers and institutions of higher learning, this property represents a prime opportunity for multifamily, retail, office and hospitality developers to invest in one of the nation's fastest-growing, sought-after cities anywhere in the country.

Additionally, the property sits adjacent to the Williamson County Corridor C project, a soon-to-be-completed, east-west bypass linking Sam Houston Avenue to Highway 29 and bringing increased connectivity to this development. Funding for the project, totaling $30.5 million, was obtained through a Williamson County voter-approved road bond in 2019 to address the significant increase in forecasted traffic volume over the coming years. Construction on the Corridor C-Highway 29 Bypass project is anticipated to reach completion in summer 2026.

Terry Rochford, senior vice president of business development at Hilco Real Estate Sales, stated, "Based on its sheer size, immediate (and forthcoming) accessibility to various transportation options, proximity to global tech employers and explosive area population growth, this parcel stands alone as one of the most compelling development opportunities in all of Central Texas." He continued, "This site constitutes one of the largest mixed-use development parcels available between Georgetown and Taylor, Texas, sitting just outside the city limits and the ETJ, thus providing a veritable blank canvas for potential future uses – a characteristic that should make this property very interesting to developers, investors and end users alike."

Steve Madura, senior vice president at Hilco Real Estate Sales added, "Due to the extreme volatility of the macro -economic markets, investors are seeking alternative opportunities that provide a safe haven from the current global uncertainty…and real estate, especially land located in the path of development, has historically provided the long-term stability and diversification investors seek. Likewise, savvy developers are focusing their attention and energies on meaningful projects in only the best markets. As such, when we add in the certainty and efficiency of the bankruptcy process, we expect an overwhelming response to this offering."

The sale is subject to bankruptcy court approval of the United States Bankruptcy Court for the Western District of Texas (Austin) Petition No. 24-10313-Cgb I In re: HPV Family, LLC. Bids must be received on or before the deadline of November 6 at 5:00 p.m. (CT) and must be submitted on the Purchase and Sale Agreement (PSA) document available for review and download from Hilco Real Estate Sale's website. The sale confirmation hearing is scheduled to be held on November 20 at 1:00 p.m. (CT) approving the successful high bidder.

Interested bidders should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate Sale's website. For further information, please contact Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com.

For further information on the property, an explanation of the sale process, bidding procedures or to obtain access to property due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300.

About Hilco Real Estate Sales
Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments.

The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. We are deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. We understand the legal, financial, and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation.

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SOURCE Hilco Real Estate