The 709-acre airport was decommissioned in 1999 when Austin-Bergstrom International Airport opened. The 20-year, $100-million redevelopment calls for 4,000 residences and five million sf of commercial space.
Catellus won the contract over the Mueller Redevelopment Team, a coalition of several companies with Austin connections. The city council selected Catellus on the recommendation of a 21-member evaluation team and city staff. "Catellus received consistently high marks for its cooperation, financial commitment, creativity and responsiveness to neighborhood concerns," said Sue Edwards, the city's director of redevelopment.
For Catellus, the Austin project increases its presence in Texas. It owns 3.2 million sf of industrial and office space in Dallas and land that can accommodate more than 5.2 million sf of development in office parks in Dallas and Houston.
In 2001, Catellus' revenue increased 14% to $234.9 million because of a rise in rental portfolio. The company's profit fell 13% to $96.5 million due to lower gains on the sales of non-strategic assets.
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