Southwestern University has sold a significant portion of its real estate holdings, increasing its endowment and enabling the development of a large mixed-use district adjacent to its Georgetown campus. The university, which is 185 years old, had accumulated thousands of acres over decades, making it the largest private college landholder in Texas. One notable parcel donated in the 1930s was sold for $28 million during the pandemic.
Following an audit of its property portfolio five years ago, Southwestern began selling land. Its endowment grew from $289 million four years ago to $377 million, with much of the new funding allocated to financial aid.
The university retained a 560-acre tract east of campus for a project called Southwestern University 560. Plans call for a mixed-use district with housing, offices, retail spaces, restaurants, a boutique hotel, cultural venues and a concert hall. Only 325 acres will be developed; the remaining 70 acres will become an “eco gateway” with creeks and trails.
The City of Georgetown has agreed to construct a service center on site for about 275 city employees. Austin-based Banbury Development has been chosen to lead the project’s planning and execution. Banbury previously co-master-planned the Mueller redevelopment in East Austin.
A task force made up of students, faculty and alumni contributed input on design priorities such as career opportunities, cultural amenities and environmental preservation.
Laura Skandera Trombley, president of Southwestern University and former head of 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, commented that the development could draw unique retailers and corporate headquarters.
Williamson County continues to experience rapid growth as companies look for integrated campus environments with retail and residential components. The Southwestern University 560 project is expected to serve as both an economic driver and recruitment tool for the school.
