CDC Colony Park Holdings, an affiliate of Catellus Development, will be the developer of Colony Park Sustainable Community. Catellus and the city have signed the Colony Park Sustainable Community Development Agreement, according to a Thursday announcement.
The agreement paves the way for the development of 208 acres of city-owned land off Loyola Lane between Johnny Morris Road and Decker Lane in northeast Austin as a master-planned community. Catellus developed Austin’s Mueller planned community on the former site of the city’s airport.
Project plans include 1,072 single-family homes, 831 multi-family apartments, 230,000 square feet of mixed-use office and institutional space, 130,000 square feet of mixed-use retail space, 53 acres of parks, trails, and open space.
The Colony Park Sustainable Community Initiative was launched in 2012 through a $3 million grant from the U.S. Department of Housing and Urban Development. Plans have taken shape for the past decade and included extensive community engagement, according to the city.
“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,” Colony Park Neighborhood Association president Barbara Scott said. “After a 12-year process, we have made progress toward our goal with the signing of the Developer Agreement.”
The Austin City Council also recently approved an ordinance establishing a Tax Increment Reinvestment Zone for the development to finance the costs of public works, public improvements, programs, and other projects benefiting the TIRZ.
“The Colony Park Sustainable Community represents a unique opportunity to invest in public infrastructure,” the city’s deputy chief financial officer, Kimberly Olivares, said.“Through collaboration with our development partners and community stakeholders, we aim to develop a project that will deliver economic and community benefits to a much broader area of the city.”
The city expects a 2026 groundbreaking for the development’s street and public utility infrastructure.
