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City of Austin and Catellus Development Corporation Ink Exclusive Negotiating Agreement for Colony Park

City of Austin and Catellus Development Corporation Ink Exclusive Negotiating Agreement for Colony Park
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Tue, 05/19/2020 – 14:02

AUSTIN, TX – The City of Austin Economic Development Department is moving forward with plans to develop a 208-acre site near Colony Loop Drive and Loyola Lane – the Colony Park Sustainable Community.

The Economic Development Department signed an Exclusive Negotiating Agreement with Catellus Development Corporation (Catellus) for the Colony Park Sustainable Community project. When complete, the project is expected to feature a mix of housing types, retail and office space, a transit center, and an innovation district. The Colony Park Sustainable Community will be the largest redevelopment of city-owned land since the Mueller project.

“Signing this Exclusive Negotiating Agreement is a major step forward for this priority project,” said Sylnovia Holt-Rabb, Acting Director of Austin’s Economic Development Department. “The Colony Park Sustainable Community will bring significant community benefits to this Northeast Austin neighborhood, including affordable workforce housing and improved access to food and healthcare services. We look forward to continuing engaging with the community and Catellus to finalize a master development agreement for this project.”  

The Exclusive Negotiating Agreement ends the solicitation process and anti-lobbying/no contact requirements between the Economic Development Department, Catellus, and community partners. It also establishes a two-year time frame for the City and Catellus to perform due diligence and negotiate a Master Development Agreement for the Colony Park Sustainable Community project.

The Master Development Agreement will follow concepts from the Colony Park Master Plan, The Master Development Agreement will follow concepts from which was guided by three years of extensive public engagement led by neighborhood residents, the City of Austin, The University of Texas Division of Diversity and Community Engagement, business leaders, and community organizations. The Austin City Council adopted the Colony Park Master Plan and Planned Unit Development District on December 11, 2014.

“Our community has advocated for improvements in the Colony Park/Lakeside Hills area for over 40 years, and after a two-year process we are glad to see the Economic Development Department make progress on plans for developing this site,” added Barbara Scott, President of the Colony Park Neighborhood Association Inc. “It is our hope that developing the Colony Park site will bring the much-needed healthcare, workforce housing, and economic stimulus that has been missing in this area of Eastern Travis County.”

The next steps for the project include creating a Community Engagement Plan to maximize participation with Colony Park residents; identifying strategies to deliver community benefits through the project, such as affordable workforce housing, healthcare services, and open space and parks; reviewing and updating the Colony Park Master Plan and zoning; and analyzing the economic feasibility of the project based on proposed public and private funding sources and required infrastructure investments.

“The signing of the Exclusive Negotiating Agreement is an important milestone in the process of developing the Colony Park Sustainable Community,” said Greg Weaver, Executive Vice President of Catellus. “The City of Austin continues to be a great partner, and we look forward to rolling up our sleeves with them and the community to expand upon the thoughtful and intensive work that has already been achieved.”

 

For more information on the Colony Park Sustainable Community project, visit www.austintexas.gov/redevelopment.

 

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About the City of Austin Economic Development Department

The City of Austin Economic Development Department supports business growth, creative industries, and local communities. These programs build an equitable, sustainable economy to improve the lives of all Austin residents. To learn more about helpful resources, visit www.austintexas.gov/edd and follow @econvitalityatx on Twitter.

 

About Catellus Development Corporation

Catellus is a national leader in mixed-use development, solving some of America’s most complex land challenges. With 35 years of experience as a master developer, Catellus has transformed former airports, military bases and urban industrial sites into thriving retail, residential and commercial communities. These projects, which often include substantial public amenities, add economic, social and environmental value to the communities they serve. Catellus has both the financial strength and development expertise to turn vision into reality at even the most demanding development sites.

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