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Sunday, 22nd October 2017

in Lakeway TX

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City center quandary faces City

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From Mayor Joe Bain's blog detailing the decision to be made about the land right behind HEB on 620.

 

"Stratus Development made a presentation to council and the public on a proposed project on the remaining land they own West of the Oaks.

 

Their proposal included a 350 unit apartment complex.  In exchange they are willing to give the city 25 acres for parkland.  

 

The existing PUD allows them to build patio homes on their property - if they do that, they would use the entire property and the parkland would not be available to the city.  Either way, they would be required to build a road across their property to connect Main Street.  

 

Question is, is a 25 acre park worth 350 apartments?  The property is for sale for about $5 million - of course, if purchased, the road would still need to be built at a cost of about 2-3 million dollars."

 

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