The developers of a mixed-use project in southeast Austin unveiled a new name and an expanded scope. Previously known as Velocity Crossing, it’s now simply Velocity, and has grown by 1.5 million square feet to total seven million square feet.
Austin-based Marketplace Real Estate Group purchased 390 acres at the southwest corner of SH 71 and SH 130 in 2014, and recently added Texas-based Presidium Group as a joint venture partner.
The project will now feature 2,683 multifamily units and 2.9 million square feet of office providing the opportunity for two, large corporate campuses along with traditional office space. It will also feature 585,000 square feet of flex industrial and creative office, 310,000 square feet of commercial use for retail, and three hospitality sites.
Breaking ground in early 2021 will be a 295-unit apartment complex called Presidium Velocity, followed by 140,000 square feet of amenity space and creative office.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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