If approved, Stratus would get a green light to develop residential and commercial projects on the acreage in the Circle C development. The agreement calls for Stratus to build 830 single-family homes, 900 apartments, 250,000 sf of retail space and one million square feet of commercial space. Stratus, which would develop less acreage than it planned, would receive $15 million in incentives.
Stratus, based in Austin, had wanted to develop the property according to rules that were in force in the 1980s when the Circle C development was planned. The city wants the property developed according to today's rules which are stricter. Under the previous rules, Stratus could develop 900 homes, 1,200 apartments, 460,000 sf of retail space and 2.2 million sf of office space. The city says the settlement helps achieve its goals of protecting the aquifer and reducing density of construction.
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