Development
BY AMANDA CUTSHALL
San Marcos reviews $557M, 100-acre mixed-use project
petition to create a Public Improvement District, or PID, was filed with the city on June 9. If approved, this would allow the city to issue up to $60 million in bonds, funded through property assessments within the district. The PID would encompass the entire site. The impact According to city documents, the assessed value at full buildout would be $557 million and generate more than $66.1 million in revenue for Hays County. If approved, the project would be completed in three phases through 2031. Next steps A public hearing is set for Sept. 2. Council members will then consider a zoning change to allow two- to five-story buildings to accommo- date the proposed mixed-use district, according to city documents, as well as the PID and a Chapter 380 economic development agreement.
San Marcos officials are considering a proposal from Austin-based American Ventures LLC for a 100-acre mixed-use district near East McCarty Lane and Rattler Road—about 500 feet from San Marcos High School. The overview San Marcos City Council members have been in talks related to the project, known as Project AVSM, since early this summer during executive session. According to an Aug. 5 city council agenda, the concept includes apartments, townhomes, single-family and build-to-rent homes, along with live-work-play units. Plans also outline a hotel and commercial space. Zooming in According to a letter from Austin real estate attorney Steven Metcalfe of Metcalfe, Wolff, Stu- art & Williams LLP to Amanda Hernandez, San Marcos’ director of planning and development, a
123
American Ventures SM
110
San Marcos High School
OLD BASTROP RD.
N
A look at the proposed district 1,196 Multifamily units 44 Townhomes 84 Single-family homes 120 Build-to-rent homes 16 Live-work-play units 130 Hotel rooms 144.2K sq. ft. of office, retail and grocery space
SOURCE: CITY OF SAN MARCOS/COMMUNITY IMPACT
20
COMMUNITYIMPACT.COM
Powered by FlippingBook