AUSTIN, Texas — Another big neighborhood is planned for southeast Austin.
A new $500 million development is set to include 2,500 homes, 1,500 multi-family units and commercial space, according to a Hines Real Estate Investment.
Construction is expected to start later this year with sales starting in 2023.
The single-family homes are set to be developed in phases over six years, according to Dustin Davidson, a managing director at Hines. Fifty acres of land will include apartments and townhomes, including duplexes and quadplexes. Another 75 acres will be designated for retail spaces and other commercial use.
"The frustration is going to come in the developing," Cord Shiflet, the president of Austin Board of Realtors, said. "That stuff is going gangbusters. They're building it as fast as they can. But until we see that product actually available, we're not going to see a pressure relief from these buyers that need those houses."
In addition to homes, retail and commercial space, the development calls for a lake that spans 60 acres, more than 600 acres of greenbelt, community parks, trails and a swimming pool, per the report.
“As Austin continues to grow into the tech epicenter of Texas, coupled with a supply-constrained market, the demand for new housing is at its highest,” Davidson said in a statement. "Mirador will be critical in providing more options for Austin’s growing population."
Davidson noted Hines had been looking at eastern-southeast Austin for years for future development of housing and infrastructure.
"We felt strongly that it was a confirmation when Tesla and some others came and announced [their investments] that southeast [Austin] is finally picking up," Davidson said in an interview with KVUE.
Read the full report on the massive planned development on Hines's website.
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