Photos: Mueller groundbreaking

The redevelopment of the old Robert Mueller Airport is providing a major economic boost for parts of Central East Austin.

The place that was once filled with concrete and warehouses is now being transformed into an up and coming neighborhood.

The 700 acre plot is prime real estate and continues to draw developers according to Matt Whelan, the Senior Vice President of the Catellus Development Group.

"It's recycling a piece of land into a vibrant part of the community," Whelan said.

Tuesday, officials broke ground on the first residential development planned for the area.

CIty Council Member Sheryl Cole says it's a major step forward.

"It's been so many years that East Austin has not had this kind of development or investment in the infrastructure that I think it's just great," Cole said.

The first phase will include about 350 homes ranging from $120,000 to $700,000.

Whelan says about 70 of the homes are targeted for affordable housing.

"They will be designed to the same architectural standard -- the same green building standard -- and they will be interspersed throughout the area to create a true mixed income community," he said.

The development is designed to be community and pedestrian friendly. Bike lanes and sidewalks will be included on all streets.

The homes will be built with front porches and garages in the backs of the houses.

Approximately 4,500 homes will be built in the next 10 to 15 years.

Commercial development has also started showing up on the old airport property.

Mueller is now home to the Dell Children's Medical Center and numerous other businesses like Starbucks have also opened their doors recently.

Council member Cole says she likes what she sees.

"We are bringing so many pieces of the community together in one spot that you can't have anything but positive synergy," Cole said.

The Mueller development is expected to bring in about a billion dollars in additional tax base for the City of Austin.