An Austin-based developer on Nov. 9 broke ground on a $500 million mixed-used development west of Austin that officials described as a “modern take” on the idea of city main streets and town squares.

Legend Communities Inc. held a groundbreaking for the first phase of The Square at Lohmans at 1931 Lohmans Crossing Road on 57 acres in Lakeway, an exurb at the far end of western Travis County alongside Lake Travis, according to an announcement. Officials said they hope it serves as a city center, with civic areas such as park space, an amphitheater, a pavilion and more gathering areas.

“The Square at Lohmans will have something for everyone — singles, young families, more-mature families and downsizers,” Legend Communities Chief Operating Officer Bill Hayes said in a statement. “We are creating something Lakeway has never really had before — a central gathering place for all the people who live here. The combination of the road network we are building and the town square, I believe, will make this the most important project this city has ever seen.”

The mixed-use development – which officials said will have a total build-out value of approximately $500 million – will eventually have space for office, retail and restaurant, hotel and residential components. It will include single-family homes, attached and detached townhomes and age-restricted multi-family units. Construction is expected to take place over at least five years.

The first phase, which will take approximately one year to complete, will encompass the construction of Main Street, Lohmans Spur, 150 homes of various types and 210 age-restricted multi-family units.

“The Square at Lohmans will be a modern take on an old-fashioned concept,” Legend Communities founder and CEO Haythem Dawlett said in a statement. “Main streets and town squares have been around for hundreds of years. This project will combine the charm of those traditional features with the convenience and other advantages of modern design and energy efficiency. Plus, there will be plenty of outdoor gathering spaces to accommodate families and friends, including a park featuring an amphitheater, pavilion, public restrooms and splash pad.”

It marks a massive development for Lakeway, which had a population of about 19,300 in 2021, according to the U.S. Census Bureau. It is among the wealthiest areas of the Austin metro, as both of its ZIP codes – 78734 and 78738 – ranked among the top 10 in the region’s wealthiest ZIP codes, according to recent Austin Business Journal research.

It also marks the continued push for regional nodes for live, work and play. Following the lead of developments like The Domain in North Austin, developers on the outskirts of the metro are trying to bring more entertainment and living options to eliminate the need to travel for those options.

Other examples include the $2 billion Pearson Ranch development in Williamson County, $200 million The District development in Round Rock, a 117-acre development centered around a future Nebraska Furniture Mart in Cedar Park and Northline, a 115-acre project in Leander. City of Hutto leaders are also working to bring more entertainment options to the burgeoning economic hub.

That will also soon include The Square at Lohmans. Other companies involved with the project include Carlson, Brigance & Doering Inc. as the civil engineer and DTJ Design Inc., which is handling land planning, landscape architecture and commercial architecture.

Legend Communities has worked on other projects in the region, including Tuscan Village in Lakeway and Horseshoe Bay, Rough Hollow, Cove Harbor Marina & Dry Stack, and Cove Harbor Coach Resort and Event Center in Rockport, and The Residences of Tiki Island.