A large development planned along FM 620 in North Austin could bring more than 300,000 square feet of retail and restaurants to the area.

A local development team, P&S Investments I LLC, has closed on 69 acres at the corner of FM 620 and Wilson Parke Avenue and hopes to start construction on the site by late spring next year. The Trails at 620, as the planned development is called, will include a mix of retail and restaurants, about two miles of trails and a lake feature, and possibly a hotel and movie theater. The developers, Leslie Perry Sloan and Rodney Speaks, also hope to have a specialty grocer as part of the project.

“It will have unique features and an outdoor Austin flair,” Speaks said, adding that he hopes at buildout the project would have a similar feel to Central Park in Austin, which features a park and walking trails around retail and a Central Market grocery store.

Sloan and Speaks declined to say how much they paid for the land, citing confidentiality agreements, but said they have secured financing through a lender and have an equity partner from Houston. At buildout, development costs could total $65 million to $70 million, Sloan said, although some of that will come from tenants’ purchases of sites within the project. Sites will be available for lease and for sale, she said.


View Larger Map