Stratus removes land from Austin ETJ under new Texas law; faces lawsuit challenging constitutionality

STRATUS PROPERTIES INC

Completed removal of Holden Hills and Section N from City of Austin's extraterritorial jurisdiction under Texas Senate Bill 2038.
Filed with Travis County to grandfather both projects under most laws in effect at the time of filings.
Several Texas cities filed suit challenging SB 2038 as an unconstitutional delegation of legislative authority.
If law upheld, expects streamlined permitting, reduced costs, and potential for increased development density.
Continuing Phase I of Holden Hills; anticipates starting home building or home site sales in 2025.

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