X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

AUSTIN-Stratus Properties Inc. has received $6.9 million as the final settlement payment in a lawsuit with the city over reimbursement for water utility costs related to Austin’s annexation of Stratus’ Circle C development. Circle C is owned by Circle C Land Corp., a subsidiary of Stratus. The 1,000-acre property lies in southwest Austin.<p.The city's reimbursement total will be $17.4 million to Stratus for infrastructure costs incurred prior to a 1997 annexation. Stratus had financed the utility infrastructure up front, with Austin reimbursing $10.5 million in 1999. Stratus has agreed to seek a dismissal of its pending lawsuit.

Stratus will use the $6.9 million to reduce its outstanding debt to $9.5 million. The Austin-based developer is a diversified real estate company that specializes in development, management and marketing of property in Austin, Dallas, Houston and San Antonio.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.