Last month, Austin city council officials finally came to a decision to move forward with the addition of a 20,000 seat major league stadium near the Domain, in partnership with Major League Soccer and Precourt Sports Venture (KUT). The council worked for hours on making amendments to issues concerning parking, transportation, affordable housing, and local youth soccer, which had been points of contention since the stadium's initial proposal in 2017. Although the agreement itself is finally moving forward, construction is not estimated to be completed until at least 2021 (KXAN).
While construction of the stadium and ensuing costs (parking/admission taxes, personal seat licenses, etc.) will cost the city a fair amount of money, it will not come for free for Precourt. After gifting the stadium to the city, they will be paying Austin $550,000 a month to lease the stadium every year after the fifth year of its construction. Additionally, they will be contributing 130 units of affordable housing, $3 million toward a rail station near the build site, and millions in revenue each year to the city (Texas Monthly).
Curious to know more about Austin's first MLS team? MLS2ATX, a fan appreciation event held in Austin on August 22nd, revealed that the team will be called Austin FC (Austin Football Club), and the logo a "bright green, black and white badge featuring the name 'Austin' above a pair of intertwined live oaks" (myStatesman). The logo is meant to be a tribute to the city, symbolic of "strength, resolve, and unity," along with the rally cry of the team "Grow the Legend," a nod to Austin's rich history.
We can expect the stadium to bring more people to Austin than ever, especially thanks to its proximity to the Domain and the additional plans developers have for the area, including live entertainment, green space, and more. It's an exciting time to live in Austin! Are you interested in making a move in the area? Contact us today for more information about Austin real estate.