Title
Resolution 2026-1 recommending approval of the Amended & Restated Paragon Star Apartments LCRA Redevelopment Plan
Body
Issue/Request:
This is a resolution which would recommend approval of the Amended & Restated Paragon Star Apartments LCRA Plan (the “Amended Apartments LCRA Plan”).
Key Issues:
Recommendation regarding the proposed Amended & Restated LCRA Plan, proposed by a new apartment developer.
Background:
On June 22, 2022, the original Paragon Star Apartments LCRA Plan (the “Original Apartments LCRA Plan”) was submitted to the LCRA Board of Commissioners for consideration and a recommendation to the City Council. The LCRA Board approved Resolution 2022-2 following that public hearing, recommending approval of the Original Apartments LCRA Plan.
On July 19, 2022, the City Council approved Ordinance No. 9467 which approved the Original Apartments LCRA Plan, made several factual findings in connection with approval, and designated Gold Crown Properties, Inc., as the developer of record for the Original LCRA Plan. The Original LCRA Plan approval was conditioned upon the developer of record entering into a redevelopment agreement to implement the Original Apartments LCRA Plan.
Gold Crown Properties did not proceed with the apartments project as set forth in the Original Apartments LCRA Plan. Grayson Capital made a presentation to the City Council on January 13, 2026, to introduce the company to the City Council and prepare for this public hearing and the request to assign developer rights for the apartment project in the Paragon Star Village to the company from Gold Crown Development.
Grayson Capital has the contractual right to build the apartments using private financing according to the following anticipated schedule and details:
Method of acquisition -
Developer will purchase the property from the current owner. Developer anticipates closing on the Phase 1 property in 2026, and will have a right of first refusal to purchase the Phase 2 a...
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