AustinReal Estate & Development

Austin's Colony Park Set for Major Redevelopment as City Council Approves Plans for Mixed-Use Community

Austin's Colony Park Set for Major Redevelopment as City Council Approves Plans for Mixed-Use CommunitySource: City of Austin
Sophie Leclerc
Published on December 08, 2023

On the brink of transformation, the future of the Colony Park area in northeast Austin is taking shape following the City Council's green light for critical updates and agreements. The City of Austin Economic Development Department, alongside the partnership with Catellus Development Corporation, celebrates the council's nod to zoning changes and terms to develop the extensive 208-acre property that was confirmed on November 30. Crucial to shaping a master-planned community, these approvals pave the way for essential services, a range of housing options, and public amenities.

Some serious community crafting is set to unfold in Colony Park, with anticipated construction including up to 3,000 residential units, a mix of single-family homes and apartments. Also on the blueprint are nearly 230,000 square feet allocated for mixed-use office and institutional space, plus another 130,000 square feet for retail use. The plan will create a breath of fresh air for Austin residents, dedicating 42 acres to parks, trails, and open spaces. This all stems from the 'Colony Park Sustainable Community Initiative, which kicked off with a solid $3 million grant from the U.S. Department of Housing and Urban Development back in 2012.

After over a decade of collaboration with the community, the City of Austin steered multiple meetings and events, engaging locals in the development of a shared vision for the property near Loyola and Decker Lane. Since the firm community vision was adopted in 2014, diligent searches brought Catellus into the frame by 2018 to help refine the existing 2014 plans, aligning them with the evolving demands of the market and infrastructural necessities while adhering to the initial community vision. "We are thrilled with City Council's approval of the two key advancements, marking a significant stride in the realization of the Colony Park Sustainable Community," said Sylnovia Holt-Rabb, Director of the Economic Development Department, according to the City of Austin Official website.

Echoing the sentiment, Barbara Scott, President of the Colony Park Neighborhood Association, said in a press release, "It has taken us over 11 years to get here, but the action taken by City Council on November 30 has brought us one step closer to seeing the Colony Park Community's vision for this area of the eastern crescent fulfilled." Similarly enthusiastic, Sergio Negrete, Vice President of Development for Catellus, stated, "With unwavering commitment, our team in partnership with the Economic Development Department and collaboration with every City of Austin review department navigated a complex rezoning effort, aligning seamlessly with the community’s vision."

Before the first shovels hit the ground, administrative steps remain with the City Council to finalize the financing package next year, and the development agreement with Catellus estimated for early 2024 completion. With boots expected on the ground for street and public utility infrastructure construction by late 2025, residential and commercial building construction is predicted to kick off in 2027, all in a bid to craft a hallmark development for east Austin. For a closer look at what's to come, interested parties can find more intel on the Colony Park Sustainable Community.

AustinReal Estate & Development