AUSTIN (Austin American-Statesman) – A Texas-based limited partnership will build 50 upscale homes in a gated community next to a Jack Nicklaus signature golf course in Horseshoe Bay.

The community, dubbed the Reserve at Summit Rock, will have homes priced between $475,000 and $750,000.  Jay Fertig, Central Texas homebuilder Bob Rowan and an unnamed investor are partners in the project. They recently purchased 21 acres near the 17th and 18th holes of the new golf course from the developer of Skywater Over Horseshoe Bay, a large nearby master-planned residential community.

The city has already approved plans for the development. Roads and utilities are already going in, Fertig said.  The 50 lots will be developed in three phases: 18 in the first, about 13 in the second and the rest in the final phase. The community is projected to have a sales value of $35 million to $37 million once completed in three years.

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