Description
Title: Authorize negotiation and execution of an amendment to the existing Master Development Agreement and all necessary and related agreements with Greystar Development Central, LLC or its affiliates and the Housing Authority of the City of Austin or its affiliates governing the sales, development, construction, ground lease, and lease of a mixed-use development on the City-owned parcels located at 800 E. St. John Avenue (formerly 7309 and 7211 N IH-35) to update the Concept Plan, provide deeper affordability, and other terms as further outlined in a term sheet. Funding: This item has no fiscal imp
Summary
The City of Austin is advancing the St. John Site redevelopment through a partnership with Greystar Development Central, LLC and the Housing Authority of the City of Austin (HACA). This initiative focuses on a 19-acre area at 800 E. St. John Avenue, where multifamily apartments and commercial retail spaces will be developed under a mixed-income model. The legislation mandates that at least 50% of units remain affordable, particularly for low- to moderate-income families, with a 60-year affordability commitment. Additionally, the project aims to include community amenities such as parks and retail spaces that serve local needs. An emphasis on community engagement and tenant protections is also part of the plan, making this redevelopment significant for enhancing accessibility and quality of life in