Colony Park two steps closer to development in northeast Austin
Editor’s Note: The video at the top of this story shows KXAN’s morning headlines for Friday, Dec. 8, 2023.
AUSTIN (KXAN) — The Austin City Council said it recently approved two key advancements for the development of the Colony Park Sustainable Community in northeast Austin.
The city said the approved items were comprised of zoning updates as well as the terms for an agreement to develop the property.
“These decisions support the development of the site as a master-planned community, including essential services, public amenities, and diverse housing options,” the city’s Economic Development Department said in a statement.
According to the city, the 208-acre community was projected to have up to 3,000 residential units, approximately 230,000 square feet of office and institutional space, 130,000 square feet of retail space, and 42 acres of parks, trails and open space.
“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,” mentions Sylnovia Holt-Rabb, Director of the Economic Development Department. “This underscores our collective vision, and we eagerly anticipate the positive impact on northeast Austin. These milestones reflect years of community engagement and planning, and we look forward to the transformative journey ahead.”
The city said the next steps in the process included finalizing the financing package and related items early next year.
According to the city, the development agreement was estimated to be complete in early 2024.
The city also said street and public utility infrastructure construction was estimated to begin in late 2025 while residential and commercial building construction was projected to begin in 2027.