At build-out, the development is expected to contain about 5,000 single-family units, 2,000 multifamily units and 550 acres of other mixed uses, according to Yager. Audubon is expected to generate $2.7 billion in taxable value once built out, Yager said.
Yager said there have been 460 lots delivered so far with 130 homes sold since sales began late last year. Of the homes sold, 42 were sold in January alone, Yager said.
“The market seems to be accepting what we’re doing,” Yager said. “We’re selling at all price points.”
Yager said development is ongoing in two of the eight neighborhoods within the master-planned community—Creekside North and Audubon Park—which offer 40- to 70-foot lots with prices ranging from $260,000-$800,000. He said he plans to offer homes closer to the $1 million price point as well.
Lots will also be set for delivery in the Creekside South neighborhood later this year, Yager said.
In 2022, Yager said Audubon is expected to deliver 587 single-family-equivalent connections, which represents a combination of single-family homes and mixed uses, such as commercial and retail. He said he expects an announcement to be made in March regarding commercial uses coming to Audubon.
“We’re working with a joint venture partner on some commercial and some other things, so just be on the lookout for those things,” Yager said.
The development is expected to deliver another 1,051 single-family equivalent connections in 2023, Yager said.
Additionally, Yager said Audubon has developed 42 acres for mixed uses and land for the 13.9-acre Audubon Elementary School, which Magnolia ISD previously purchased, Community Impact Newspaper previously reported. Yager said he is working with MISD for additional schools in the development, which he said land has been set aside for.
Yager said the development will be annexed into the city in the future but not until various bond programs, such as the four municipal utility districts in the community, have recouped their debt. Yager said there has been $100 million of capital investment into the project so far, and he estimates by completion that number will be half a billion.
“We look forward to continuing our successful partnership with the city,” Yager said.
