Out with the Power Plant in with a Park!

By: Stephanie Kelley

One of the things I look forward to in the upcoming years is the purchase of my first home. I want it to be “perfect”, but in reality I will settle for “affordable”. For some people, an affordable place to live means living in poorer neighborhoods. But what happens when you are affected by the steady rise in property values? Let’s debate…

In last Sunday’s Statesman, an article by M.B. Taboada highlights a positive spin to the closing of the 16-story Holly Power Plant. Once a building that no one wanted to reside around, this land is now set to be an attractive park and residential area. Homes are being sold at record highs. Taboada sites that “Two have already been spoken for, and another will go on the market for $649,000—prices unseen in East Austin just a few years ago.” The addition of these nice homes and condos is attractive for several reasons. No longer having the presence of the power plant is one of the biggest attractions. A new development with a new park with a great locale near Ladybird Lake also help make this a new and exciting part of the development and attempts to raise property values in East Austin.

One of the concerns of certain residents in the area is the fact that adding these nicer homes is going to cause a raise in property taxes. Some people have already reported that they have had to move out of the area already. This part of town has the highest rate of poverty in the city of Austin, so any rise in taxes can potentially be back-breaking. Larry Warshaw, who has helped in several East Austin condominium projects, says that the addition of these new houses will not “have much impact on speculation, or increased real estate. It would be hard to imagine faster appreciation.”

Regardless what side you see to be right or wrong, one thing is certain, and that is the demand for these homes to go up. Austin is ever-growing, a simple fact we will have to face. And as a result, the demand for homes to be built will be constant. When I look at my first home, I will make sure to examine all angles, including the potential for a rise in taxes. However in this ever-growing Austin it looks to be inevitable.


Austin American Statesman
"Neighborhood in Holly Power Plant's shadow undergoing change"
By: M.B. Taboada