An Austin-based developer announced it has broken ground on Pearson Ranch, a $2 billion mixed-use project in Williamson County that calls for 2,500 upscale residences, office, retail and hotel space, a corporate campus site and parkland.

Inspire Development said Pearson Ranch is slated to take shape on 156 acres at the northeast corner of Texas 45 and West Parmer Lane, about two miles northwest of Apple Inc.'s new $1 billion corporate campus.

Once completed over the next 10 to15 years or so, Pearson Ranch's value is anticipated to top $2 billion, Inspire executives said in a news release this week.

The project comes as the Austin region's real estate market continues to boom with growth in its residential, commercial, industrial and other sectors.

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Pearson Ranch is expected to have about 2,500 condominiums and apartments in all, with the breakdown of rental and for-sale units dependent on market demand over time, Brett Ames, managing principal with Inspire Development, told the American-Statesman.

There are no estimates yet of sales prices for the condos or rental rates for the apartments.

The first phase of apartments is expected to break ground this year, and take about 24 months to complete, Ames said.

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In addition to housing, Pearson Ranch is planned for a total of 2.6 million square feet of office space as well as two hotels, 200,000 square feet of retail, restaurant, community and cultural spaces, and 30 acres of green space.

The first phase, encompassing 41 acres, will have three upscale apartments and about 600,000 square feet of office space, as well as retail space.

Inspire Development said it obtained a $14.5 million loan from Keystone Bank for the first phase of construction.

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In addition to the office space in the first phase, the site includes 48 acres to be set aside for a corporate campus in a later phase that could accommodate 2 million square feet of office space.

Ames said the corporate campus site will fill a need for top-tier office space near existing major employers, such as Apple, Dell, PayPal, Amazon and Visa.

In a written statement, Williamson County Judge Bill Gravell said Pearson Ranch is located "in the new premier hub for major technology companies."

"Pearson Ranch will provide needed access to office space for employers, generating new jobs and providing on-site access to retail, housing, and park space for Central Texas,” Gravell said.

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Pearson Ranch is designed to attract homegrown Austin restaurants and retailers, in a project that will be connected by a network of parks, public plazas and hike-and-bike trails, Inspire executives said.

The development also will have access to mass transit. Just west of the project is CapMetro’s Lakeline Station, which brings together the MetroRail Red Line that runs from Leander to downtown Austin, 485 parking spaces and both Express and Metro bus service.

The project is in the district of Mackenzie Kelly, an Austin City Council member. In a written statement, Kelly said she recalls when Austin didn't have toll roads, when Anderson Mill Road didn’t connect to Parmer Lane, and when RR 620 and U.S. 183 was just a four-way stop.

"Times are changing, and with that our city needs well thought-out plans for how we change and grow,” Kelly said. "I’m excited about new jobs and better lives in our district and also in Central Texas.”

Urban Design Associates, a globally renowned architectural and planning firm, is the land-use master planner for Pearson Ranch.

Other members of the development team include BGE, the project's civil engineer; Land Strategies Inc., the local land planner; Davies Collaborative, the architect for the apartment portion, and Powers Brown, the architect for the office component.

This article originally appeared on Austin American-Statesman: Mixed-use development planned near Apple campus in Williamson County