New $500 million master-planned community drives major growth in Southeast Austin
A $500 million master-planned community encompassing 1,400 acres and thousands of homes is on tap for Southeast Austin.
Houston-based real estate company Hines has partnered with Trez Capital, Caravel Ventures, and Sumitomo Forestry to develop Mirador.
The project will be near Pearce and Wolf lanes, an area that’s southeast of Austin-Bergstrom International Airport and west of McKinney Roughs Nature Park. The site is close to the new Tesla factory and the Circuit of the Americas, and near State Highway 130 and U.S. Highway 71.
Mirador will comprise 2,500 single-family homes; more than 1,500 apartments, townhomes, duplexes, and quadplexes; and 75 acres of commercial space dominated by retail. Amenities will include more than 600 acres of greenbelt, a 60-acre lake, community parks, trails, and a swimming pool.
“As Austin continues to grow into the tech epicenter of Texas, coupled with a supply-constrained market, the demand for new housing is at its highest,” Dustin Davidson, managing director of Hines, says in a news release. “Mirador will be critical in providing more options for Austin’s growing population. ...”
Construction on homes at Mirador is expected to begin this year, with homes going on sale in 2023. So far, homebuilders for the project are Gehan, Lennar, David Weekley, Highland, and MHI.