Plans to develop a 208-acre site in Austin are moving forward, thanks to a recent Austin City Council vote that approved critical funding and support items.
When complete, the Colony Park Sustainable Community project is expected to feature mixed-income housing units, mixed-use retail and office space, a transit center and civic/institutional land uses.
The development of the site is projected to deliver approximately 1,072 single-family homes, 831 multi-family apartments, 230,000 square feet of mixed-use office/institutional space, 130,000 square feet of mixed-use retail space, 53 acres of parks, trails and open space. Catellus Development Corporation has been awarded an exclusive agreement to develop the site.
A Tax Increment Reinvestment Zone (TIRZ) for the Colony Park Sustainable Community will likely be formed, a financing tool enabled by Texas Tax Code to encourage economic development within a defined geographic area or zone. A TIRZ for Colony Park would provide a means of financing the costs of public works, public improvements, programs, and other projects benefiting the zone.
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