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Austin: Developer Adds 1.5 Million SF to Sprawling Velocity Mixed-Use Plan

Featured Illustration (above): Velocity is a 7-million-square-foot mixed-use development being master-planned by an Austin developer in southeast Travis County. Image: Image: Sasaki

Posted: 6-16-20

By Edmond Ortiz
Austin (Travis County)–A developer proposes to add 1.5-million square feet of density to a planned 5.5-million-square-foot mixed-use project on the Southeast Side.

Austin company Marketplace Real Estate Group announced June 15 it will expand the Velocity development on 314 acres southwest of the corner of Texas State Highways 130 and 71.

Velocity is envisioned as a walkable, urban community outside central Austin, and including new retail, office, restaurant, hotel, entertainment, multifamily residential and open/recreational space. Image: Sasaki

Originally called Velocity Crossing, the new Velocity master plan includes 2,683 multifamily housing units, 2.9 million square feet of office space, 585,000 square feet of flex and creative space, and 310,000 square feet of commercial space.

The revised master plan also calls for seven acres of centralized park space, and another 42 acres of park space sprinkled around other parts of the development.

The vision is for residents, workers and visitors to be able to enjoy open spaces, trees, landscaping and Onion Creek wildlife preservation around Velocity.

The developer has indicated that the planned office space can accommodate two large corporate campuses.

Marketplace has also indicated that commercial uses could include a movie theater, some hotels, and restaurants. H-E-B owns Velocity property at Highway 71 and Farm Road 973, but the retail grocer has not confirmed plans for their site.

Dallas developer Presidium Group, a joint venture partner, earlier this year confirmed they plan to begin building a 295-unit apartment complex at Velocity early in 2021.

According to Marketplace’s announcement, construction on 140,000 square feet of creative office, retail, restaurant, and health and wellness space will unfold after the apartment construction launches. Initial roadwork is already underway around the development.

There are no estimated long-range construction schedules or costs. VBX members may track this project using ID number: 2020-48F4.

Internationally renowned architecture firm Sasaki redesigned the Velocity master plan. Representatives for the developers said they want to maximize available space, help meet market demand and capitalize on growth in southeastern Travis County.

Velocity is located in a federal opportunity zone east of Austin-Bergstrom International Airport, west of Barkley Meadows Park and the city of Del Valle, and near Austin Green, a 2,000-acre Planned Unit Development. Velocity is also located in the city’s Desired Development Zone and and inside a Triple Freeport Zone, which exempts businesses from paying taxes on inventory that leaves the state within 175 days.

“We’ve done our best to update the land plan in a way that respects community wishes and market demand. Velocity’s inclusion in an Opportunity Zone has also attracted significant interest from both investment capital and companies seeking to locate within the development,” Doug Launius, Marketplace principal, said in a news release. “Our new partner (Presidium) enables us to be even more nimble as Velocity progresses.”

This old conceptual rendering provides a southwest view of Velocity, formerly Velocity Crossing. Image: Marketplace Real Estate Group


edmond@virtualbx.com

Related Images

Construction Preview
By |2020-06-17T14:13:58-05:00June 16th, 2020|Construction Preview, Feature Story|

About the Author:

Edmond Ortiz is a lifelong San Antonian and a 20-plus-year veteran in local journalism, He previously worked full-time at the San Antonio Express-News, and has been freelancing for outlets such as the Rivard Report.

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