Catellus Nearly Set for Kickoff of $257M Colony Park Development

Catellus Development has been at it for over a decade, but things are finally starting to look like this development has legs. The project would transform 208 acres of city-owned land along Austin’s Eastern Crescent on the far east side into a mixed-use hub.

The Austin Business Journal reports the California-based firm is seeking City Hall’s permission to update Colony Park’s existing planned unit development, or PUD, zoning, allowing for greater density on the site. The change will allow the developer to build 2,000 to 3,000 new housing units. It’s less than 10 miles north of Tesla Inc.’s gigafactory.

Plans also call for constructing 230,000 square feet of commercial space, with 125,000 square feet of retail space. Estimates indicate the new community’s construction would seed 2,900 jobs and create 1,200 permanent jobs. The total estimated cost for the project is $257 million, according to city documents. When completed, it is estimated to generate $780 million in taxes for the city.

The proposal is set to be considered during the Council’s Nov. 30 meeting.