In the last three weeks, the Austin City Council has approved the creation of three new Municipal Utility Districts, often referred to as MUDs. These special districts have taxation powers to cover the cost of utilities within designated communities and are often necessary to bring a new development online. According to stories in the Austin Business Journal, these three communities have the potential to bring thousands of residences to the Austin market.
The total proposed acreage for the three new MUDs is nearly 6,000 acres!
The approval of the MUD for Pilot Knob is actually a consolidation of five MUDs that were filed last October. The new, single MUD will cover 2,214 acres and is located near the intersection of William Cannon and US 183.
Pilot Knob is planning 5,660 single-family homes; 2,420 townhomes; 6,730 multi-family units; a hospital; a hotel; and roughly 3.8 million square feet of commercial space. The project is estimated to need $482 million in bonds.
Pilot Knob is the name of a long-extinct volcano that rises from the ground near Austin Bergstrom Airport and McKinney Falls State Park.
RIO DE VIDA
The MUD for Rio De Vida looks to create a 2,130 acre development where the Colorado River meets SH 130, including 500 acres along the waterfront that will be preserved.
The plans call for 1,370 single-family homes; 1,143 townhomes; 1,505 condo mansions; and 4,055 apartment units. The community is projected to cost $405 million in bonds.
A MUD for Sun Chase was approved for the creation of a 1,600 acre housing development that is planned for the Austin Bergstrom Airport area in Southeast Austin. Specific housing breakdowns have not yet been announced, but the entire project is aiming to put nearly 4,000 housing units on the ground. They are also planning to include retail space.