Posted Feb 22, 2018, 3:00 AM
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Join Date: Nov 2017
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The number of potential Colony Park developers has dropped to 1.
https://www.bizjournals.com/austin/n...ns-colony.html
Quote:
The firm that turned Austin's old airport into the Mueller neighborhood is shortlisted to lead another massive redevelopment effort, this time in Northeast Austin.
Last December, Austin Business Journal first reported that Catellus Development Corp. and Stratus Properties Inc. responded to the city's request for qualifications for a master developer for Colony Park — about 208 acres of publicly owned land near the intersection of Decker and Loyola lanes. It's about a mile from Walter E. Long Metropolitan Park and could ultimately host more than 3,000 homes and as much commercial space as a regional mall or pair of downtown skyscrapers.
Danielle Lord, a procurement manager in the city's purchasing office, wrote in a Feb. 20 announcement that an evaluation team completed its review of the responses.
"The City of Austin has invited Catellus Development Corp. to move forward into the next phase of the selection process," Lord wrote. "Stratus Properties, Inc. originally responded, but ultimately requested to be removed from consideration."
In a statement to ABJ, Stratus CEO Beau Armstrong said two large development projects it had scheduled for 2019 were moved up to this year.
"We just don’t have the time to appropriately respond to the opportunity,” Armstrong said. "This is very disappointing as we enjoy working with the city and believe Colony Park is an extraordinary development opportunity that has the potential to address many important issues we face in this rapidly growing city of ours.”
The city will issue its second phase of the solicitation, a request for proposal, to Catellus.
"Once Catellus Development Corp.'s offer is received, a series of public meetings will be held to gather community input before submitting a final recommendation to City Council," Lord wrote.
Colony Park's Master Plan, approved in 2014, allows for as much as 960,000 square feet of commercial space and 3,031 housing units. The project was unveiled in 2012.
City officials are excited about its mixed-use potential and hope it will be a catalyst for other development in the area.
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Catellus is based in Oakland, Calif., but has been the master developer for Mueller, a mixed-use district on the site of Austin's old airport, since 2004. A Catellus representative did not immediately return a request for comment.
Based in Austin, Stratus Properties (Nasdaq: STRS) owns the W Austin Hotel and the ACL Live at the Moody Theater music venue. It was also the driving force behind the large Circle C Ranch subdivision and other residential developments in Southwest Austin.
Early last year, ABJ highlighted a significant shift in Stratus' business model in recent years and its increased reliance on the W Austin and ACL Live for the bulk of its cash flow.
A response to the city's request for proposals would be due this May, according to the city's timeline in its RFQ. Austin City Council is scheduled to approve a recommendation this summer.
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Colony Park is a mini Muller so it's not a bad thing the only developer left is one that worked on Muller. It's off Loyola just east of 183. Here is the master plan if anyone is interested: ftp://ftp.austintexas.gov/Colony_Par...%202014_LQ.pdf
Commercial use is concentrated on the northland near the Green Line.
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