Austin Awarded $3M Grant for Colony Park Project; 370-Unit Apartment Complex to Break Ground
- Jan 11, 2012
Austin was recently awarded a $3 million grant from the U.S. Department of Housing and Urban Development (HUD), in order to fund a public-private mixed-use development in Colony Park. The grant will finance a master plan that consists in rezoning and site planning, infrastructure construction plans and design guidelines for the future commercial and residential development, according to a news release by the City of Austin.
The project will be developed on a 208-acre vacant site in East Austin, owned by the city. The Community Challenged grant will help funding the mixed-use development, which will include affordable housing for mixed-income families, shopping amenities and interconnectivity with viable transportation options.
Construction work on this project dates back approximately 10 years, with projects including a new recreation center, widening and reconstruction of Loyola Lane and increased animal-control efforts, reports the news release. According to Your News Now, it will be another several years before construction begins.
Austin is one of the 27 communities and organizations that received the Community Challenge grant, while 29 regional areas will receive Regional Planning grants.
In other real estate news, construction on a planned 370-unit apartment complex at Stone Hill, Pflugerville, is expected to begin in early February, according to the Community Impact Newspaper. The Mansions project in Pflugerville is the second apartment complex that the developer, Western Rim Property Services, plans on building near Toll 130. First apartments could be available by November 2012.
As for the cost of the project, David Meyeres, director of leasing and a development partner for NewQuest, the developer of Stone Hill Town Center, estimates that the community would cost $40 million to build. Community Impact Newspaper reports that the location of the Mansions apartment complex was chosen for its proximity to Stone Hill Town Center, the city’s largest retail center.