Officials said the agreement with RSI Communities will include 1,500 homes with two parks and a walking trail in a new development named Cottonwood Ranch. The homes will be valued between $300,000-$400,000, and condominiums will also be part of the development.
Zack Brown, land acquisition manager for RSI Communities, said the company will invest $250 million in the project, including $20 million to extend Ed Schmidt Boulevard.
“This public-private partnership will expand the growth area and development up to Chandler Avenue,” City Manager Odis Jones said in a statement released by the city. “As partners, the city invests in sewer infrastructure while the developer builds the road, opening up 5,000 acres north of Huttoparke extending CR 119, and connecting an East/West corridor from FM 1660 to the new Ed Schmidt, relieving FM 1660 and Limmer Loop.”
Jones gave credit to the owners of the properties, who worked with the city and developers during the process. Jones said the infrastructure work will open another 5,000 acres for future development.
Hutto will be responsible for $4 million of infrastructure work.