Your daily dose of Austin
Smartphone image
×
Make your inbox more Austin.
Local news and fun, every day 6am.
$500M mixed-use development coming to southeast Austin

A mixed-use development known as Mirador will be located off the 130 Toll and Highway 71. (Hines)

A $500 million mixed-use development spanning 1,400 acres is coming to Southeast Austin, near Tesla’s headquarters at Giga Texas.


Plans for the development by Houston-based real estate firm Hines include 2,500 houses along with multi-family and townhomes, and commercial land. Hines is partnering with Trez Capital, Sumitomo Forestry and Texas-based Caravel Ventures.

The development, which is known as Mirador, will be located off the 130 Toll and Highway 71, which the developers say provides easy access to the Circuit of the Americas Formula 1 racetrack and other Austin attractions like restaurants, parks and live music venues.

Hines also boasts amenities like a 60-acre lake, over 600 acres of greenbelt, community parks, trails and a swimming pool.

“As Austin continues to grow into the tech epicenter of Texas, coupled with a supply-constrained market, the demand for new housing is at its highest,” Dustin Davidson, managing director at Hines, said. “Mirador will be critical in providing more options for Austin’s growing population and we are excited to work alongside our partners given they each provide a unique and valued perspective in single-family development.”

The local housing market has been hot in recent years, with home sales accelerating earlier in the pandemic. In July 2021, the Austin metro area hit its pricing peak at $478,000. As Austonia previously reported, the area has been expected to see the Tesla effect, with the new workforce driving up demand for housing and other services.

The single-family houses are expected to be developed over the course of six years, in phases. Construction on the homes is expected to start this year and home sales will begin in 2023.

Popular

Filter me not: Austinites respond to filter ban in Texas

(Pexels)

Some of your favorite Instagram filters can’t be used in Texas anymore and Austinites are sounding off on social media.

Keep ReadingShow less
Record-breaking heat continues to threaten ERCOT capacity. Should Austinites be worried about their power this summer?

(Austin Energy)

Power demand is forecast to push within 600 megawatts of the Electric Reliability Council of Texas' capacity Friday afternoon as a record month of heat continues.

Keep ReadingShow less