Southwestern University has increased its endowment and launched plans for a major campus expansion after selling significant portions of its real estate holdings. The liberal arts college, which is 185 years old, had accumulated thousands of acres over several decades, making it the largest private landholder among Texas colleges. One tract donated in the 1930s was sold for $28 million during the pandemic.
The university began selling off land following an audit of its real estate portfolio five years ago. As a result, Southwestern’s endowment grew to $377 million from $289 million over four years, with much of the proceeds designated for financial aid.
Southwestern retained a large parcel east of its Georgetown campus to develop a mixed-use district named Southwestern University 560. Plans for this 560-acre area include housing, offices, retail space, restaurants, a boutique hotel, cultural venues, and a concert venue. The City of Georgetown has agreed to build a service center on the site for 275 municipal employees.
Banbury Development from Austin will lead the project. Banbury previously co-master-planned East Austin’s Mueller redevelopment—a project that transformed a former airport into a mixed-use community (https://www.bizjournals.com/austin/news/2023/08/23/mueller-austin-mixed-use-community.html). The first phase is scheduled to go before Georgetown’s planning commission this month; infrastructure work could be finished by next year.
Community involvement played an important role in shaping the project. A task force made up of students, faculty, and alumni worked alongside local residents at town hall meetings to prioritize career opportunities, cultural amenities, and environmental preservation in the development plan.
Of the total acreage involved in Southwestern University 560, only 325 acres will be developed while about 70 acres are set aside as an “eco gateway” featuring creeks and trails.
Laura Skandera Trombley, president of Southwestern University and former head of Pitzer College and Huntington Library in California said: “She framed the project as a chance to cement Southwestern’s unique identity in a fast-growing region, noting that no other liberal arts college in the United States has this type of opportunity.”
Greg Weaver, CEO of Banbury Development stated: “the mixed-use development could attract unique retail and corporate headquarters.”
Williamson County continues to see rapid growth as companies look for locations with integrated residential and commercial features (https://communityimpact.com/austin/georgetown/development/2024/03/15/georgetowns-population-boom-drives-commercial-residential-development/). The new district could serve both as an economic driver for Southwestern University and help recruit future students by offering amenities rarely found on traditional campuses.
