Austin eyes 107-acre affordable housing investment near future light rail line

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AUSTIN (KXAN) -- Austin leaders are considering a 107-acre investment to help bolster affordable housing resources near Project Connect's planned light rail system.

Austin City Council will vote on the purchase during Thursday's meeting, Mayor Kirk Watson confirmed in his weekly newsletter. The available acreage is located along Riverside Drive near the future Phase 1 light rail investment.

The purchase, if approved by council, would come with a sticker price of $87 million to authorize the land acquisition. Watson said the land is situated at the former Tokyo Electron campus, located at 2400 Grove Blvd. in southeast Austin.

Under the proposed land use plan, the acquisition could support a transit-oriented neighborhood comprising approximately 1,100 living units. Watson compared the envisioned plan to the existing Mueller neighborhood in east Austin.

"Think about something akin to the Mueller neighborhood -- but intentionally built around public transit and with the benefit of the lessons learned about ensuring affordability and other challenges in a much-in-demand planned community," Watson wrote.

Watson also proposed a possible workforce housing component to the site, specifically flagging industry workers such as airport employees and teachers as well as cadets undergoing fire, police and EMS training.

"The proximity to public transit creates so many opportunities for community benefits and access and truly makes the most of our voter-approved investments in affordable housing and transit," Watson wrote in part. "It also means many residents would be able to get around town without a car."

The proposed land acquisition item comes in part as city leaders chase down goals outlined in the City of Austin's 2017 Strategic Housing Blueprint. That plan outlined a goal of 135,000 housing units created by 2028, which includes 75,000 market-rate units and 60,000 affordable units that would utilize varying levels of public subsidy.

Watson attributed the funding of the proposed acquisition to voter-approved affordable housing funds and anti-displacement funds earmarked via the Project Connect program.