The motion carried 5-2 with Lakeway Mayor Thomas Kilgore and Council Member Kelly Brynteson opposed.
The PUD will be used for multifamily housing and a parkland dedication for the city of Lakeway. The developer, Stratus Lakeway Center LLC, will build a 270-unit apartment complex on the south side of Main Street, and 22.8 acres of open space will be dedicated for the park on the north side of Main Street.
The PUD will also develop the central part of Main. New features will include two driving lanes in each direction, a landscaped median, a shared-use path on one side and a 6-foot sidewalk on the other side of the street.
The Oaks PUD Phase 2 is one of several Main projects under development, including The Square at Lohmans and the Tuscan Village PUD, which will be presented to council Sept. 19. As a result, several citizens were concerned about availability of parking and space.
“I’m curious about how many parking places or cars have already been approved for this very tight space,” Lakeway resident Jennifer Fleck said during the Aug. 15 City Council meeting. “Based on Stratus’ proposal tonight, they’re adding approximately 500 parking spaces to that which has already been approved. So, I’m just concerned about density.”
“Our infrastructure does not match the growth of the city,” Lakeway resident Lisa Boomer said. “We don’t have the roads; we don’t have the sewers; we don’t have the water facilities for it; and we don’t have the school buildings for it. What is the responsibility to the residents who are already here?”
Brynteson said she was initially excited about the park but also realized it would mean lots of high-density housing and more cars on the road.
She added that she ran a poll a few months ago and found a huge number of residents would prefer the city pay for improvements to Main using a bond, as opposed to building the road with parkland and high-density housing proposed by The Oaks.
The new amendments to The Oaks PUD Phase 2 include a $1 million reimbursement from the city, which will be issued after part of the project is completed. This is to compensate The Oaks for the loss of 28 townhomes on the north side of Main.
The second amendment requires Stratus to have a site plan by the time the road is finished and to dedicate the parkland to the city.
"They will dedicate the parkland to the city by deed at the time that they amend the replat,” City Attorney Cobby Caputo said during the Sept. 12 meeting. “The deed will be held in escrow until such time as their site plan is approved for the apartment complex or the road is completed, whichever comes first.”
With the PUD amended, the developer has 24 months to complete the project.