Posting Language
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 impact.
De
Lead Department
Austin Financial Services.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
December 8, 2022 - Council approved a Term Sheet and Concept Plan, rezoning the St. John Site and updating the St. John/Coronado Hills Neighborhood Plan.
October 5, 2023 - Council approved a multifamily and commercial development of the St. John Site.
For More Information:
Kimberly Olivares, Director Financial Services, 512-974-2609 and Christine Freundl, Redevelopment Project Manager, 512-974-7147.
Additional Backup Information:
In October 2023 the City executed a Master Development Agreement (MDA) with Greystar, in partnership with the Housing Authority of the City of Austin (HACA) and in December 2022 approved the terms of the MDA that encompass the key community goals, business terms, and Council policy priorities. The MDA also incorporated the sale of a 19-acre St. John Site to the Public Facilities Corporation (PFC) controlled by HACA.
Since the execution of the MDA, market conditions have changed to a point meriting the inclusion of other sources of equity to deliver the community vision for this site. This Council action would allow the existing development partner, Greystar Development Central, LLC, in partnership with HACA, to access additional funding sources, thereby improving the project's overall financial viabili...
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