AUSTIN – Catellus Development Corp. is pursuing zoning changes to make way for the Colony Park development, a project that would transform 208 acres of city-owned land into residential property.
The developer aims to build 2,000 to 3,000 new housing units and more than 41 acres of parks and open space on the site west of Lake Walter E. Long near Decker and Loyola Ln.
Plans also call for the construction of 230,000 sf of commercial space, with 125,000 sf of retail space. Around 2,900 construction jobs would be created along with 1,200 permanent jobs.
Twenty percent of the development’s units would be income-restricted. Leasable units would be capped at 60 percent of the area’s MFI, and units for sale would be capped at 80 percent of the median family income.
The total estimated cost for the project is $257 million. However, it is estimated to generate $780 million in taxes once completed.
The project will be funded by a projected $155 million in land sale revenue, TIF, the Capital Improvement Program, a potential $5 million from an affordable housing bond package, and a developer-administered public improvement district.
