Kirk Preston Watson - Mayor of Austin, Texas | Facebook
Kirk Preston Watson - Mayor of Austin, Texas | Facebook
The City of Austin has announced the signing of the Colony Park Sustainable Community Development Agreement with CDC Colony Park Holdings, LP, an affiliate of Catellus Development Corporation (Catellus). This agreement facilitates the development of 208 acres of city-owned land into a master-planned community featuring essential services, public amenities, and diverse housing options.
Initiated in 2012 through a $3 million grant from the U.S. Department of Housing and Urban Development, the Colony Park Sustainable Community Initiative has engaged extensively with local residents through meetings, workshops, and family-focused events to shape the vision for this northeast Austin project near Loyola and Decker Lanes.
“As a community of color, we began working with the City of Austin to improve the many socioeconomic disparities in the Colony Park and Lakeside neighborhoods,” said Barbara Scott, President of the Colony Park Neighborhood Association. “After a 12-year process, we have made progress toward our goal with the signing of the Developer Agreement.”
Since adopting this vision in 2014, Austin officials and community stakeholders conducted a national search for a development partner. Catellus was selected in 2018. The City, Catellus, and local stakeholders have since refined the land use plan to align it with current market demands and infrastructure needs while preserving community goals.
“Over the last six years, we’ve worked with the community and the City of Austin to create a Development Agreement to deliver new places to live, work, shop, and play,” said Greg Weaver, executive vice president at Catellus. “We’re excited for this milestone and for the future as the Colony Park Sustainable Community moves forward.”
Recently approved by Austin's City Council is an ordinance establishing a Tax Increment Reinvestment Zone (TIRZ) for this property along with a project financing plan aimed at encouraging economic development. The TIRZ will finance public works costs benefiting its zone.
When complete, this sustainable community aims to provide up to 3,000 residential units comprising single-family homes and multi-family apartments; approximately 230,000 square feet for mixed-use office and institutional space; around 130,000 square feet dedicated to mixed-use retail space; improved access to healthcare services; parks; healthy food options; economic vitality initiatives; educational opportunities; workforce housing; better quality of life standards; and increased access to city resources.
“The Colony Park Sustainable Community represents a unique opportunity to invest in public infrastructure,” said Kimberly Olivares Deputy Chief Financial Officer for Austin. “Through collaboration with our development partners and community stakeholders we aim to develop a project that will deliver economic benefits more broadly across our city.”
Construction on street infrastructure is expected by 2026. For further information on this initiative visit www.austintexas.gov/content/colony-park.
About The City Of Austin Financial Services Department:
The Financial Services Department maintains financial integrity within city operations providing comprehensive financial management support including budget preparation fiscal reporting procurement real estate transactions investment portfolio oversight debt management more details can be found at www.austintexas.gov/fsd
About Catellus Development Corporation:
Catellus is recognized nationally as leader mixed-use developments addressing complex land challenges transforming former airports military bases urban industrial sites into thriving communities With over four decades experience excels retail office components often serving vertical developer creating highly valued developments within served communities More info available at their official website.
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