Council approves $3 billion PUD on SH 130

The Austin City Council approved a resolution to negotiate a planned unit development (PUD) agreement for two mixed-use developments in the State Highway 130 corridor called Whisper Valley and Indian Hills.

Taurus of Texas Holdings LP, the Fort Worth-based partner of Taurus Investment Holdings Inc. in Boston, is investing $3 billion in the two developments located in the city's extraterritorial jurisdiction, the 322 square miles of unincorporated land just outside the city limits that the city is authorized to annex and levy taxes on.

Under Taurus' agreement with the city, Whisper Valley and Indian Hills would be annexed for limited purposes, meaning the city would not immediately assess taxes but gain full land use control.

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Whisper Valley is planned for 2,100 acres at the intersection of State Highway 130 and the future extension of Braker Lane and calls for 2,850 single-family units, 5,000 attached units, 1.25 million square feet of retail and commercial space and 1.15 million square feet of office.

Indian Hills is planned for 240 acres at the intersection of State Highway 130 and the future extension of Decker Lake Road. The development will set aside 100 acres for rental units, and the remaining acreage for light industrial, research and development, office and retail uses.

City leaders have targeted the emerging 90-mile SH 130 corridor as a major future growth area.

Taurus plans to use a public financing mechanism called a public improvement district to underwrite public infrastructure in the largely undeveloped area. The PID asks the city to issue bonds, the proceeds of which pay for infrastructure and are reimbursed through assessments on property owners. In exchange, city officials will have oversight of the project.

The PID is one of several available tools the city is using to promote dense, mixed-use development in the SH 130 corridor. Among those tools are planned unit developments -- which apply to master-planned projects of 10 acres or more -- with limited purpose annexation, and reimbursements for water and wastewater service extension to the SH 130 area.

Taurus:tiholdings.com