You may remember reading a couple of months ago that the “Titanic-size” Villa Muse development project was in trouble and going under fast; a statement made by Villa Muse last week confirms the ship has sunk – at least in Austin.

After Austin City Council refused to release some 2,000 acres in East Travis County from its jurisdiction, it is now being reported that Bastrop, TX, despite its efforts to keep the dealings hush-hush, is courting the film-based developers. Villa Muse says it is also considering several other cities, all in Texas, with hopes to break ground before the end of the year.

Though the $2.5 billion mixed use commercial and residential project promised to bring up to 110,000 jobs and growth in the film industry, City Council looked long-term at the plans and ultimately ruled that 40 years of freedom from city regulations and environmental protection rules was not a risk worth taking for the city of Austin.

It remains unclear as to what will happen with the option Villa Muse holds on the original land east of Austin in Manor. Other cities with strong possibilities include Kyle, Cedar Park, Leander, and other outlying areas.

More About Villa Muse : $2.5 Billion Villa Muse Takes Titanic Downturn after Critical Austin City Council Vote

Popularity: 51% [?]

Tags: austin, city council, travis county, villa muse

This entry was posted on Monday, May 19th, 2008 at 9:45 am and is filed under Austin Real Estate News, Commercial and International Real Estate, Hot Issues and Alerts. You can leave a response, or trackback from your own site.