Caliterra is a $400 million luxury community set to accelerate growth in the area
with homes, hotel and a golf course. Despite delays, Caliterra poised to grow presence near Dripping Springs.
DRIPPING SPRINGS, Texas – April 6, 2007
–Caliterra, a master-plan community initiated eight years ago is re-invigorating its development efforts as a luxury living and resort location near Dripping Springs, Texas. Groundbreaking of the 600-acre community, which will include 400 single-family lots, a luxury hotel and golf course, is expected by December, said Greg Rich, a partner with Caliterra Partners, L.L.C., in Dallas.
Caliterra is located one half mile south of the intersection of State Highway 290 and
Ranch Road 12 in Dripping Springs, Texas. It is estimated to be a development that will add value of $400 million to the area. Caliterra Partners L.L.C., which is part of Siepiela Development Corp., is currently negotiating with major hotel chains and luxury custom homebuilders. The company has also secured a Signature golf course design by D.A. Wiebring/Golf Resources, Inc and completed various municipal and county approval requirements.
“There’s growing interest in Caliterra as a thriving luxury resort community offering
exclusive amenities, including a hotel,” said Rich. “Hotel investment alone could be $70 million or more.” The 18-hole golf course being planned is “world class,” thanks to course designs by
D.A. Wiebring, who has designed or renovated courses such as the Byron Nelson Country Club in Japan and most recently the a Four Season course in Irving, Texas, that host the EDS Byron Nelson Classic.
“Our plan in early 2000 was to offer Caliterra community that attracted regional
businesses with business-related amenities like a conference center,” said Rich. “We’ve refined the community’s focus on luxury and lifestyle. Residents and visitors get world-class golfing, a four-star hotel and more.”
Plans call for Caliterra to include 400 single-family homes on lots varying in size from
half an acre to two acres. The custom homes will be priced from $400,000 to more than $2 million. In addition, there will be 50 properties developed—villa style—that line the golf course and resort, which may be priced at $300,000.
“This seems like the ideal time for Caliterra to begin its growth,” said Rich. “The
economy is strong, the water and utilities infrastructures are in place, and there is much higher demand for this type of community than there was five years,” said Rich. Initial development efforts were targeted to begin September of 2001, just days prior the 9/11 attack. Caliterra is part of the Dripping Springs Independent School District and will be serviced by Southwestern Bell and Pedernales Electrical Cooperative. Water and wastewater services are provided by the Lower Colorado River Authority, the City of Dripping Springs and Hays County Development District #1.
Caliterra is gaining momentum to be among the most exclusive communities in this
region, said Rich. “We’ve been approached by two major hotel chains, both of which believe that a 275-room property in this project would be extremely valuable. Some of the area’s finest custom home builders are looking at the community too.” Rich declined to name the interested parties until negotiations are finalized.
Long term, Caliterra is likely to become part of the city of Dripping Springs. “We’ve
intentionally set up Caliterra to be part of the city,” he said. “We’ve signed agreements, which will make the community part of the city in the later years of the development.” Currently, Caliterra is a development district that was approved by the State of Texas Legislature, Hays County and the City of Dripping Springs. Development districts are designed to operate like municipalities that lower the costs of planned communities and advance area infrastructure, such
as roads and highways, while allowing the sale of county or municipal bonds.