AUSTIN-A agreement between Stratus Properties Inc. and the City of Austin that could lead to more commercial and residential development in the far south submarket gets its first city council hearing today.
The proposed deal allows Austin-based Stratus to build 750,000 sf of office space, 250,000 sf of retail space, 830 single-family homes and 900 multifamily units on 1,235 acres in its Circle C development. The negotiations with the city severely cut back the amount of development that Stratus says it was allowed under previous development rules.
The city’s negotiators and Stratus say the agreement protects the surrounding environment including the Edwards Aquifer. Environmental organizations such as the Save Our Springs Alliance, however, says it still leaves environment at risk. SOS has put out the call for a large turnout at today’s city council meeting. The organization and the Circle C Neighborhood Association have filed a lawsuit seeking to stop the agreement. Stratus develops commercial properties and residential developments in Austin and other Texas cities.