Colony Park to be Revitalized with Over 2000 New Sustainable Homes

Initial funding for the project came from a 3-year U.S. Department of Housing and Urban Development (HUD) Grant for $3M in 2012. This was a planning grant used to fund the master planning of the project. Now, the focus is development. The area has been named a Tax Increment Reinvestment Zone (TIRZ), meaning that 90% of the taxes that come from within the project boundaries will be re-invested there for roughly the next 20 years, according to reporting by KXAN.

The exclusive developer Catellus has been brought on for the next phase of land development. The firm has a focus on sustainable properties. Their other property in Austin, Mueller, is one of the nation’s most notable mixed-use communities. 

Not only will the revitalization of Colony Park benefit the area’s residents, but it will also improve the value for all of Austin. According to the city’s online resources about Colony Park, the proposed project will support HUD’s six “livability principles”, which are: provide more transportation choices; promote equitable, affordable housing; enhance economic competitiveness; support existing communities; coordinate policies and leverage investment; and value communities and neighborhoods. 

The city’s press release on the new funding claims that the project will create 1,072 single-family homes, 831 multi-family apartments, 230,000 square feet of mixed-use office/institutional space, 130,000 square feet of mixed-use retail space, 53 acres of parks, trails, and open space. 

Additionally, the city claimed that the project could create up to $3.5 million in property and sales tax revenue annually.

The community will be mixed-income so living there will be accessible for many budgets. Of the new homes, the City said 381 will be allocated for income-restricted workforce housing for households that make less than the median family income.

All new structures in the project will be sustainable. The buildings will be energy-efficient and water conservation and zero-waste technology will be employed. This community will model sustainable mixed-use living for future communities across the country. 

The community will be mixed-income so living there will be accessible for many budgets. Of the new homes, the City said 381 will be allocated for income-restricted workforce housing for households that make less than the median family income.

All new structures in the project will be sustainable. The buildings will be energy-efficient and water conservation and zero-waste technology will be employed. This community will model sustainable mixed-use living for future communities across the country. 

Farr Associates, a nationally-recognized leader in sustainable development, and Austin-based Urban Design Group (UDG), a firm with experience in several successful Central Texas projects have been hired to create the master plan for the site.