This rendering offers an example of one of the larger floorplans that will be available from Taylor Morrison in the Longview development. TAYLOR MORRISON

Austin Business Journal reports, "Bond financing has been secured for a long-anticipated public improvement district that will support more than 1,400 new homes in far East Austin.

Located on 427 acres east of Del Valle High School between State Highway 71 and Pearce Lane along Kellam Road, the Longview 71 PID is expected to result in 1,461 new homes from homebuilder Taylor Morrison (NYSE: TMHC) in the coming years. During a March 19 meeting, the Travis County Commissioners Court approved a service and assessment plan for the site, in addition to an estimated $10 million bond to support it. The land is not far from Austin-Bergstrom International Airport and Tesla Inc.’s gigafactory.

Christy Moffett, the county’s director of economic development, said the county’s approval allows Taylor Morrison to begin selling its first batch of homes in the development.

The approval follows a January decision by county leaders to lift a moratorium on PIDs. The program enables counties and cities to levy additional taxes on sites to pay for specific project-related improvements. PIDs are used in counties across Texas to help cover some costs to developers, such as road construction, water and wastewater systems and landscaping when they build master-planned communities and other big projects.

The Longview PID was originally approved by the county in 2019 before the moratorium was initiated at the onset of the Covid-19 pandemic when the county paused nonessential construction.

The commissioner's court previously approved a financing agreement for the Longview 71 PID in November.

With a financing agreement of $14 million for the initial phase of the project, the entire development is expected to include about $70 million in bond funds, Moffett said. Homeowners are anticipated to pay monthly contributions ranging between $214 and $265 toward the agreement.

The home prices within the development are expected to range between $345,000 and $426,000, according to Michael Slack, the director of development at Taylor Morrison’s Austin office.

The houses will range between 1,300 to 2,900 square feet, according to the builders’ online listings, and are currently being constructed.

In recent months, the county has also approved bonds tied to three other previously approved PID agreements.

That includes the Wildhorse Ranch development in Northeast Austin. The 1,450-acre project from Dwyer Realty includes both residential properties and 1.5 million square feet of commercial space. The site is off Parmer Lane near Manor. The project includes plans to raise 320 affordable apartments.

Bonds have also been issued for a PID tied to Turners' Crossing, a master-planned community about 10 miles south of downtown near the intersection of I-35 and State Highway 45, where 1,300 homes will be constructed. Tri Pointe Homes and Meritage Homes are participating in the project.

The county is in the process of closing on bonds for the Bella Fortuna PID, a 160-acre residential development about a mile southeast of I-35 and Onion Creek Parkway."


Source: Austin Business Journal

Written by: Mike Christen

Published: March 20, 2024

Posted by Grossman & Jones Group on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.