The City of Austin closed the Robert Mueller Airport in 1999. The property sat dormant until 2007 and the city approved an urban plan development. The 711 acre project should take roughly 10 years to complete. The 4,600 properties will range from $120k-$1.0 million offering a wide variety of single family residential units, mixed use condominiums, floor plans, builders, and options. There's something for everyone, from empty nesters to young up and comers. All properties will be meet Green Building efficiency energy guidelines.
The affordability program has strict guidelines. To receive any assistance, potential homebuyers will not qualify with $500,000 or more in there personal savings. Potential recipients must use the property as their primary residence. For those that do qualify, the city will add a lien on the property for the amount awarded. To recoup their funds they have implemented a shared appreciation mortgage in the event of a future sale and also in the event of foreclosure, the city accepts it as loss.
I drove the neighborhood. The difference between a $1 million dollar property and one for $120k is clearly evident. The properties with the higher price tags were custom developed and constructed with higher quality materials. The condominiums were very impressive with modern urban design.
Nearby are the Ronald McDonald House, Hospitals, and a shopping center. The overall layout encourages being outdoors with various ponds and walking trails. This project will continue to thrive with time. Hospital employees may opt to live nearby and kill any long distance commute.
www.muelleraustin.com
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