Austinites Jonathan and Kirsten Coon have purchased a 145-acre undeveloped piece of land just west of Capital of Texas Highway and Pennybacker Bridge on a bluff on Shepherd Mountain. They plan to develop the property into a residential community, according to the Austin American-Statesman as reported by the Real Estate Center at Texas A&M University.
Coon, the founder of 1-800 Contacts, told the Statesman that he plans to build a home for himself on the property, as part of a future residential community that he intends to develop with more green space than is in Austin’s approved plan for the land. The current plan allows for 64 lots, with two homes on many of the lots, and dates back to 1986. Traffic impact will be a greater concern now, as will be a heightened awareness of the property’s environmental sensitivity.
This land is considered an incredibly desirable property due to its location, and it is one of the last undeveloped lots available with proximity to and views of Lake Austin. The purchase price of the latest sale was undisclosed, but the most recent value of the property from the Travis Central Appraisal District is $33.7 million.
The land’s ownership was a mystery for about two decades, when it was discovered via a previous sale that it was owned by Exxon Mobil. Coon recently bought the property through Loop 360 Land LP from Luna Heights LP, according to the Statesman. He and his wife are majority owners, along with two minority owners.