"The next step is to finalize terms of the master development agreement," Steve Bryan, a senior vice president of Catellus, tells GlobeSt.com. "And we're going to be working on that right now."
While a master plan exists, the agreement to be developed over the next 12 to 18 months will nail down the specifics of the $100-million redevelopment. Those include the parts of the property that would be leased or sold, zoning changes and the phased-in steps for the project. Factors governing the new agreement would include market conditions.
The airport was decommissioned in 1999 when Austin-Bergstrom International Airport opened. The 20-year redevelopment calls for 4,000 residences and five million sf of commercial space. Catellus, based in San Francisco, won the redevelopment contract earlier this year.
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