Growing Lakeway Okays More Rental Units

Austin suburb Lakeway may soon have a new multifamily community. The Lakeway City Council approved an amendment to a 34.75-acre tract of land, which is part of a planned unit development, or PUD, called The Oaks. The town of 19,000 has had explosive growth in the last 12 years, doubling in size.

The PUD will be used for multifamily housing and a parkland dedication for the city of Lakeway. The developer, Stratus Lakeway Center LLC, will build a 270-unit apartment complex on the south side of Main Street, and 22.8 acres of open space will be dedicated for the park on the north side of Main Street.

The new amendments to The Oaks PUD include a $1 million reimbursement from the city, which will be issued after part of the project is completed. This is to compensate The Oaks for the loss of 28 townhomes on the north side of Main.

With the PUD amended, the developer has 24 months to complete the project.