As Central Texas’ housing market continues its rebound, a developer has started construction on a 200-acre community that is expected to bring up to 550 new homes to Southeast Austin, about 2 miles south of Austin-Bergstrom International Airport.
Brookfield Residential, a North American land developer and homebuilder, broke ground Wednesday on Addison, which is off U.S. 183 and east of Interstate 35, in a part of the region destined for more growth.
The homes will be priced from the upper $100s to more than $300,000, said Shaun Cranston, senior vice president of Brookfield Residential Texas.
“This city is in the midst of a remarkable housing recovery, with 10,000 home starts predicted in the next 12 months,” Cranston said. “A lot of this development is being fueled by in-migration of nearly 1,000 people per week, and we feel southeast Austin, where Addison is located, is poised for major growth.”
Brookfield plans another master-planned community in southeast Austin called Easton Park, which is due to break ground later this year.
Addison calls for up to 550 homes to be built in at least three phases, Cranston said. Once completed, the project will represent an investment of more than $100 million, he said.
Builders at Addison will include Pacesetter Homes, Homes by Avi, Buffington Homes and Milestone Community Builders.
The housing market in the greater Austin area is seeing heightened demand due to the region’s job and population growth but a limited supply of both new and resale homes. Some of the more desirable parts of the region have a shortage of lots that are shovel-ready to build homes on.
“With our new-home market continuing to strengthen, and the supply of available lots remaining tight in many areas, builders will welcome the lots that Brookfield is bringing online in Addison,” said Eldon Rude, principal of 360 Real Estate Analytics, a market research and consulting firm. “Brookfield’s reputation for developing communities with quality amenities for its home buyers, such as its Blanco Vista project in San Marcos, gives the builders who choose to build in their communities confidence that the project will be successful.”
Rude said that as new-home communities closer to Austin continue to be completed, “we will see more and more new subdivisions open in the area east of Interstate 35 and south of William Cannon Drive.”
He said other residential projects either proposed or under way in the area where Addison will be built include Goodnight Ranch (3,533 lots); Cascades at Onion Creek (462 lots); Legends Way (388 lots); and Bella Fortuna (415 lots).