Developers say this new Austin mixed-use site could eventually be a $1 billion project

Construction is due to start soon on the first segment of a 425-acre mixed-use project in Austin's booming northeast technology corridor.

The development, called EastVillage, eventually could be a $1 billion project when fully built out in five phases over time, according to the developer.

Being built just off Parmer Lane, plans for EastVillage include office space, housing, hotels, restaurants, retail, a grocery store and a movie theater. Buildings will include a mix of four- and five- story structures.

Plans also call for pedestrian paths, an amphitheater for festivals, concerts and other gatherings, and 150 acres of wooded parkland that will include hike and bike trails and fields for sporting activities.

The site is directly across from Samsung’s Austin complex and near other major employers, including Apple, Dell, Paypal, Home Depot and 3M.

The developer is Reger Holdings, a real estate investment and development company based in West Seneca, N.Y. Gordon Reger, president and CEO of Reger Holdings, said EastVillage "represents a new office, retail and commercial cornerstone of Austin’s upper east side." He said it will serve as an anchor to the "high energy Tech Ridge corridor that features an ever-growing number of innovative startups."

To date, 10% of the initial site work in EastVillage's first phase has been completed. The  remaining work is due to wrap up in June, Reger executives said.

Construction on the first vertical component is expected to start shortly. It will be an apartment complex with 312 units, on a 14-acre site.

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Next up will be a mixed-use multi-family complex on 15 acres. This one will have 422 apartment units and about 143,000 square feet of retail and restaurant space.

EastVillage’s single-family residential development is also underway, with builder KB Home planning to begin construction on the first models in February. Completion of the models, and the launch of home sales, is expected in April or May.

Once completed, the development is slated to have 466 single-family KB homes; 2,000 multifamily units; some housing targeted for age-qualified adults; 223,000 square feet of retail space; 96,000 square feet of restaurant space; three hotels with 390 guest rooms; a 37,000-square-foot grocery store; and a 38,000-square-foot movie theater.

An office campus ranging in size from 800,000 square feet to 1 million square feet also is envisioned.

There are no prospects as yet for the office space, Reger executives said, but conversations have started with potential hotel partners.

Financing is "in progress" but no further details are being released at this stage for confidentiality reasons, Reger said.

Reger said EastVillage will be a place "where individuals representing all age groups and diverse cultural influences come together to live, work, shop, dine and enjoy the outdoors.”