Catellus Development is making strides with its planned $257 million mixed-use development in far East Austin, the latest large-scale project in a rapidly-growing part of the city.
The California-based firm is seeking zoning changes to make way for Colony Park, a 208-acre development that’s slated for 2,000 to 3,000 residences, 230,000 square feet of commercial space and 41 acres of parkland, the Austin Business Journal reported.
The property is located near Decker and Loyola lanes and less than 10 miles north of Tesla’s gigafactory. Changing the site’s designation will allow for increased density. The City Council will consider Catellus’ request for increased density on Nov. 30.
The city established a Tax Increment Reinvestment Zone a year ago to help fund the project. The TIRZ allows property tax revenues from the area to be invested into this project. As much as $102 million could come from public funding, including the TIRZ, a property-tax funded public improvement district, the city’s capital improvement program and bond funds earmarked for affordable housing. About $155 million will come from land sale revenue, the outlet said.
The breakdown between single-family and multifamily is unclear, but 20 percent of the residences will be reserved as affordable housing. They would be for renters making 60 percent or less of the area’s median family income, or buyers making 80 percent of the AMI.
Colony Park took shape in 2012 and received support from a $3 million U.S. Department of Housing and Urban Development grant. After years of planning and negotiations, the project is now poised to become a transformative mixed-use hub in Austin’s Eastern Crescent.
—Quinn Donoghue
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