EastVillage, a highly anticipated 425-acre mixed-use residential community has begun construction on the multifamily residential phase of its development in the first quarter of 2021.

According to a press release, the $1 billion development has already completed 10% of the initial site work with phase one to be completed by June.

EastVillage's single-family residential development is also in progress. Builder KB Home is scheduled to begin construction on model homes in February with completion and start of sales estimated for April or May.

The mixed-use, multi-family project is located in the northeast tech corridor of Austin on Parmer Lane and positioned across from Samsung Austin Semiconductor and within close proximity of Dell, National Instruments, The Home Depot Technology Center, Amazon and other major employers.

In its completed form, the development will have 2,000 multi-family units, 466 single-family units and three hotels with 360 total rooms. There will also be 223,000 square feet of retail space, 96,000 square feet of restaurant space, a whopping 810,000 square feet allotted for various office spaces, a grocery store and a movie theatre. Apart from building space, there will be multiple areas for outdoor activities, such as a small, pocket park and 150 acres of wooded preserve.

Next up in development will be a 15-acre, mixed-use multi-family development featuring 422 apartment units and nearly 143,000 square feet of retail and restaurant space.

With the first stages of EastVillage set to reach completion in 2021, the introduction of additional housing will put less pressure on the already highly-pressurized market. The Austin Board of Realtors Housing Market Report in November 2020 found that the Austin area has seen a record demand for housing in the past year.

The new urban center, according to Gordon Reger, President/CEO of Reger Holdings, LLC, will be a "vibrant, eclectic venue where individuals representing all age groups and diverse cultural influences come together to live, work, shop, dine and enjoy the outdoors."