Colony Park Development Agreement is Signed

The City of Austin is pleased to announce the signing of the Colony Park Sustainable Community Development Agreement with CDC Colony Park Holdings, LP, an affiliate of Catellus Development Corporation (Catellus). This agreement paves the way for the development of 208 acres of City-owned land as a master-planned community, including essential services, public amenities, and diverse housing options.

The Colony Park Sustainable Community Initiative was launched in 2012 through a $3 million grant from the U.S. Department of Housing and Urban Development. Over the past decade, the City engaged extensively with the community through a variety of meetings, workshops, and family-focused events to shape the vision for the 208 acres of city-owned land in northeast Austin, near Loyola and Decker Lanes.

“As a community of color, we began working with the City of Austin to improve the many socioeconomic disparities in the Colony Park and Lakeside neighborhoods,” said Barbara Scott, President of the Colony Park Neighborhood Association. “After a 12-year process, we have made progress toward our goal with the signing of the Developer Agreement.”

Since adopting the community vision in 2014, the City of Austin, together with community stakeholders and organizations, conducted a national search for a development partner from which Catellus was selected in 2018. Collaboratively, the City, Catellus, and the Colony Park community stakeholders have refined the land use plan, aligning it with current market demands and infrastructure needs while preserving the community’s vision.

“Over the last six years, we’ve worked with the community and the City of Austin to create a Development Agreement to deliver new places to live, work, shop, and play,” said Greg Weaver, executive vice president with Catellus. “We’re excited for this milestone and for the future as the Colony Park Sustainable Community moves forward.”

Recently, the Austin City Council approved an ordinance establishing a Tax Increment Reinvestment Zone (TIRZ) for the City-owned property and approved a project and financing plan. This action aims to encourage economic development and provide a means of financing the costs of public works, public improvements, programs, and other projects benefiting the TIRZ. 

When complete, the Colony Park Sustainable Community is projected to deliver up to 3,000 residential units comprised of single-family homes and multi-family apartments, approximately 230,000 square feet of mixed-use office and institutional space, and approximately 130,000 square feet of mixed-use retail space. Additionally, the project will improve access to health care services, parks and open spaces, healthy food options, economic vitality, educational opportunities, workforce housing, and will improve quality of life and access to City resources.

“The Colony Park Sustainable Community represents a unique opportunity to invest in public infrastructure,” said Kimberly Olivares, Deputy Chief Financial Officer, City of Austin. “Through collaboration with our development partners and community stakeholders, we aim to develop a project that will deliver economic and community benefits to a much broader area of the City.”

Ground breaking to begin the street and public utility infrastructure construction is estimated for 2026. For more information on the Colony Park Sustainable Community, visit www.austintexas.gov/content/colony-park.