Yee-Haw Development Marketing Group is here to keep you updated on the latest real estate developments in Central Texas. A recent project that caught our eye is the ambitious Colony Park development in east Austin set to transform a whopping 208 acres of city-owned land into residential property. Catellus Development Corp is spearheading this venture, seeking zoning changes to realize their vision.
Catellus plans to construct between 2000 and 3000 new housing units at the site located west of Lake Walter E. Long near Decker and Loyola Ln, not only installing new homes but also creating over 41 acres of parks and open space. The scheme also involves establishing 230,000 sq. ft. of commercial space, inclusive of 125,000 sq. ft. of retail space, a sign of significant expansion in the Central Texas real estate market.
This venture will create approximately 2900 construction positions and an estimated 1200 permanent jobs, indicating a positive knock-on effect on employment opportunities in the region. Attention to affordable housing is evident as 20 percent of the development’s units would get earmarked as income-restricted.
The total anticipated expenditure on the project is estimated at $257 million, with projected funding sources including $155 million from land sale revenue, TIF, the Capital Improvement Program, and an affordable housing bond package potentially contributing $5 million. Once the project comes full circle, it could generate a staggering $780 million in taxes.