Southwestern University has sold a significant portion of its real estate holdings, increasing its endowment and setting the stage for a major development project in Georgetown. The university, which is 185 years old, accumulated thousands of acres over several decades, making it the largest private college landholder in Texas. One tract donated in the 1930s was sold for $28 million during the pandemic.
The decision to sell came after an audit of Southwestern’s property portfolio five years ago. Since then, the university’s endowment has grown from $289 million to $377 million, with much of the proceeds directed toward financial aid.
A large parcel east of campus has been retained by Southwestern for a new mixed-use district called Southwestern University 560. The project is planned as a “mini city” featuring housing, offices, retail spaces, restaurants, a boutique hotel, cultural venues, and a concert space. The City of Georgetown has agreed to construct a service center on the site for 275 municipal employees.
Banbury Development, an Austin-based firm known for co-master-planning the Mueller redevelopment in East Austin, will lead the project. The first phase is expected to go before Georgetown’s planning commission this month. Infrastructure work could be completed by next year.
Community involvement has played a key role in shaping plans for the development. A task force made up of students, faculty, and alumni worked alongside community members at a town hall meeting to advocate for career opportunities, cultural amenities, and environmental conservation within the project.
Of the total area involved in Southwestern University 560, only 325 acres will be developed; 70 acres are set aside as an “eco gateway” that will include creeks, floodplains and trails.
Laura Skandera Trombley, president of Southwestern University and former leader at Pitzer College and Huntington Library in California said: “no other liberal arts college in the United States has this type of opportunity.”
Greg Weaver, CEO of Banbury Development said: “the mixed-use development could attract unique retail and corporate headquarters.”
Williamson County continues to experience rapid growth. Companies are looking for campus-style environments that combine retail and residential options. The new district could serve as both an economic driver and recruitment tool for Southwestern University.
