Taylor Morrison has secured bond financing for a public improvement district, propelling the homebuilder’s planned residential development in far East Austin.
The Longview 71 Public Improvement District, spanning 427 acres east of Del Valle High School, is expected to yield nearly 1,460 single-family homes over the next few years, the Austin Business Journal reported.
The Travis County Commissioners Court recently approved a service and assessment plan for the site, along with an estimated $10 million bond to bolster the PID, which levies taxes to fund property improvements like road construction, utilities, landscaping and parks.
In light of Travis County’s recent approval, Arizona-based Taylor Morrison can begin selling its first batch of homes for the development, said Christy Moffett, the county’s director of economic development.
Originally greenlit in 2019, the Longview PID had faced delays due to a moratorium imposed during the onset of the pandemic, halting nonessential construction activities.
The development is expected to receive about $70 million in bond funds, with $14 million included in the initial phase. Homebuyers are expected to contribute monthly payments between $214 and $265 toward the PID.
Home prices are expected to range from $345,000 to $426,000, with floor plans spanning between 1,300 and 2,900 square feet, the outlet reported. Construction is underway.
Travis County has also approved bonds for three other PID agreements in recent months, including the 1,450-acre Wildhorse Ranch development in Northeast Austin, the Turners’ Crossing master-planned community south of downtown, and a 160-acre residential project near Onion Creek Parkway.
Elsewhere in far East Austin, Catellus Development is chugging along with a $257 million mixed-use project that’s slated for up to 3,000 residences, 230,000 square feet of commercial space and 41 acres of parkland. The site is about 10 miles north of Tesla’s gigafactory.
—Quinn Donoghue
