On November 3, 2022, the Austin City Council approved the creation of a Tax Increment Reinvestment Zone (TIRZ) which will generate approximate $80 million to help close the public finance gap for the 208-acre Colony Park.
Colony Park encompasses 208 acres in the Eastern Crescent of Austin, TX. A community-led project, Colony Park is the largest redevelopment of City-owned land since Mueller. The development of the site is projected to deliver approximately 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.
In 2018, the City of Austin began searching for a development partner. In 2020, an ENA agreement was approved with Catellus as master developer. Following two-plus years of work, on November 3, 2022, the Austin City Council approved the creation of a Tax Increment Reinvestment Zone (TIRZ) which will generate approximate $80 million to help close the public finance gap for Colony Park’s development. Council also approved funding and legal services for Phase 2 predevelopment services to continue negotiations towards a Master Development Agreement.
This milestone was marked as a win by community leaders who have been working for over a decade to move Colony Park forward to create much needed services and amenities in a disadvantaged area of Austin.