Red buildings are retail, office and restaurant space with dark red marking an apartment complex. Blue buildings are town homes and beige buildings are single family homes.[/caption]

A 75-acre plot of Central Austin land located between Bull Creek Road and Shoal Creek Boulevard—land formerly owned by the Texas Department of Transportation—could soon become a mixed-use development called The Grove at Shoal Creek.

Milestone Community Builders, the project's Austin-based developer, recently closed its purchase of the property and presented the development plans during an April 2 public meeting attended by interested neighbors and other Austin residents.

The Grove at Shoal Creek proposed project would include retail, restaurant and office spaces as well and residential areas, such as apartments, town homes and single-family homes. The most dense parts of the development—the retail, restaurant and office spaces—would be focused on the west side of the property along Bull Creek Road, town homes would be located in the middle and single-family homes positioned at the southeast corner.

The east side of The Grove at Shoal Creek would include a 12-acre park called Signature Park as well as a 1-acre pond, Milestone Community Builders CEO Garrett Martin said. The project will have about 16 acres of parks and green space.

Martin said is company intends to begin construction by the end of this year, with homes going up for sale in early to mid-2016. The next step in the development approval process is to submit a traffic impact analysis study to the city of Austin.

During Martin's April 2 presentation, he said potential increases in traffic have concerned some neighbors near The Grove at Shoal Creek because many intersections near the area currently have 35- to 55-second wait times to cross during peak periods. The community will also be very close to MoPac, which he said causes additional concern from neighbors because the project could potentially add more commuters to the already congested highway.

Martin said his company will be funding and implementing some intersection improvements. By doing so, he said a traffic analysis study shows the number of trips created by the development should not negatively impact congestion in the surrounding intersections.

He could not yet announce how much homes in the development might cost. Martin's goal, he said, is to sell homes for less than $700,000, which is the existing average home price for most homes in the surrounding neighborhoods.

Martin said the feedback he received immediately after the public presentation was fantastic and mostly positive.

Correction: An earlier version of this story said that intersections surrounding the planned development currently have a 25- to 35-minute wait time. That information was incorrect and the story is updated to reflect current conditions are a 35- to 55-second wait time.