The Austin City Council took steps Monday to create a special tax zone to subsidize infrastructure development in a 118-acre area along Lady Bird Lake known as the South Central Waterfront.
Plans for the zone call for the creation of amenities including a waterfront boardwalk, streetside rain gardens, commercial plazas, sculptures, amphitheater, and a disc golf course, as well as sidewalks, trails, and a revamped street network, at a cost of $277 million.
A proportion of property taxes collected in the district would go to fund just those improvements, rather than the general fund. A draft ordinance posted with Monday’s council agenda put the proportion at 46 percent, though the council delayed a final decision on the exact increment.
Read the full story at The Austin Bulldog.
The FTA announced the funding round on Thursday, which dispersed $11 million across 12 states and 20 projects. The money is meant to connect communities to affordable transit and housing through the FTA Pilot Program for Transit-Oriented Development planning.
CapMetro said the funds will go toward projects at eight stations spanning 6.5 miles on the South end of the Orange Line, which has a total of 22 stations. The full project stretches across the 20 miles from Southpark Meadows to Tech Ridge.
Republic Square station is along the Orange Line. (Project Connect rendering)
Once it’s complete, which officials estimate will be in 2028, the Orange Line will reach the following stations:
- Tech Ridge (Park & Ride)
- North Lamar International District
- The Triangle
- UT campus
- Republic Square
- Auditorium Shores
- South Congress
- Southpark Meadows (Park & Ride)
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.
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