ELROY, Texas -- Signs have popped up on vacant land surrounding the Circuit of the Americas site. However, exactly how the area will be developed is uncertain. Some say they are focusing on industrial and mixed use and not to expect too much residential development.
The local investment firm World Class Capital Group owns about 60-acres around the track and is looking to acquire more.
Dilum Chandrasoma is a limited partner and is looking at options, including hotels, suited for Formula 1 visitors.
"Since it's a world renowned sport, we feel that there is going to be a great need for hospitality areas and as industrial parks,” said Chandrasoma.
Chandrasoma says having F1 in Central Texas is like having the Olympics in your backyard.
Cathy Olive keeps pygmy goats in her yard. However, her view has changed recently. Four months ago, it was solid trees. Now it’s a road to the racetrack.
Olive is the president of the Elroy Neighborhood Association. “The majority of people are taking a 'wait and see' approach. Some people have already left. Some people are waiting. Some people do have their property up for sale,” she said.
Olive says you’d have to have a crystal ball to know how the area was going to shape up.
There are also subdivisions near with views of Circuit of the Americas. Julio Clucero lives near the Elroy and Ross Roads intersection. He also sells real estate in the area. He says he only expects F1 to bring more good things to the area.
“That is a $300 million facility. You see it, and you know there are some good changes coming to the area,” he said.
Clucero says prices are actually down from five years ago because of the markets. He just closed on a house for $126,000. He says it was probably bought five years ago for about $145,000 to $150,000.
Other homes in the area are listing in the 140s.
According to the Austin Board of Realtors, there are only 18 residential listings in a three-mile radius of Circuit of the Americas. There are six commercial listings. In a five-mile radius, there are 28 residential and 10 commercial listings.