The economics of developing the property and finding financing were large factors behind the idea to build multifamily housing rather than to sell single-lot family homes, according to Ken Jones, an attorney who spoke for Stratus at the council meeting.
“Under this multifamily proposal, we would be prepared to go as quickly as we can because the multifamily is financially viable right now,” he said.
Before any construction could begin, Stratus would have to submit specific design documents and receive the proper permits and approvals from the city. Included would be design and construction of a Main extension. The real estate company envisions it as a tree-lined boulevard, according to some of its renderings presented to council April 5.
Stratus owns in total about 36 acres, according to Jones. The proposed apartment complex would be built on about 10 acres and would lie on the west side of Main behind the current H-E-B grocery store. The park would be on the east side of Main if built as proposed at the council meeting.
However, the city's long-term goal of extending Main to Lohmans Crossing and Lohmans Spur also requires the Lakeway council to work with Legend Communities, which owns additional acreage north of the Stratus property. Legend Communities Chief Operating Officer Bill Hayes has said Legend Communities intends to begin construction on its development and its own portion of Main later this year.
No action was taken by council after its discussion with Stratus representatives as the agenda item was for discussion only.
Also on the agenda for discussion was an upcoming traffic report for Flint Rock Road. Lakeway city traffic consultants from Huitt-Zollars Inc. were on hand to discuss their preliminary report.
A presentation by consultant Roxanna Medina to the council showed increasing traffic along Flint Rock over the next 10 years, particularly in areas around the intersections of Flint Rock and RM 620 and Flint Rock and Wild Cherry Drive.
A final report from Huitt-Zollars is likely to include a recommendation to install a traffic signal at the intersection of Flint Rock and Wild Cherry rather than using a traffic roundabout, according to Medina.
Traffic in the area of Flint Rock and Wild Cherry was a topic of conversation at the Lakeway City Council’s March 15 meeting. At that meeting, council members delayed a zoning decision for a development of 126 single-family homes. A second development, Overlook at Lakeway, is also being built in the immediate area. Council delayed its decision, in part, to hear more about traffic issues on Flint Rock.
In other business, the Lakeway City Council approved an ordinance authorizing Lakeway City Manager Julie Oakley to spend $180,000 from the city’s general fund to pay for raises for city staff. The money will be funded from the city’s collection of sales taxes, which have been higher than expected, Oakley said. Also, the council approved spending $6,000 to lease property from the Lakeway Municipal Utility District. The lease is for land on which city public restrooms sit. The restrooms were built by the city for those who use The Canyonlands trail located near Rough Hollow Cove. Going forward, the lease will cost the city $1,000 per year, according to city documents.