As Austinites are being pushed further and further east due to rising rent and mortgage prices, plans for large-scale developments continue to materialize. Last month, the Austin City Council voted unanimously to approve rezoning request that will move the Velocity Crossing project in southeast Austin forward, reports the Austin Business Journal.
Velocity Crossing will be an expansive 390-acre mixed-use development near Austin Bergstrom International Airport at the corner of SH 130 and SH 71. The project is slated to include about 2 million square feet of office space, 410,000 square feet of restaurant and retail space, 893 apartment units, 1,200 hotel rooms, a 10-screen movie theater, 1.5 million square feet of industrial space, and 26 acres of open space (including two proposed nature trails to Onion Creek), according to the Austin American-Statesman.
Local investors Doug Launius and Karl Koebel purchased the property in December 2014. Documents filed with the city indicate that the project will be built out in phases with an estimated completion year of 2025, but there is no word on when construction will start.
This development, along with many others slated to begin construction in the area, should be helpful in leading the charge of growth in that area of town. Council Member Delia Garza who is the council member for the district that include the project hopes that it “will serve as a model for future project in this area.”
“Many Del Valle residents have had limited access to many necessities for far too long. I’m glad to see growth in the area that will hopefully bring necessary services,” Garza said.
For those worried about traffic increasing in the area, TXDOT is currently working on an expansion of SH 71 and FM 973 which will see FM 973 becoming a four-lane divided highway fronting the site of Velocity Crossing.
BuildingATX will continue to bring you updates as this project moves forward.