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A new mixed-use development – Verde Square – is proposed on a site adjacent to Q2 Stadium in North Austin. Austin City Council can vote on September 30th to approve a zoning change for the development that would include a hotel, apartments, and retail and office space. (Iain Oldman / Community Impact Newspaper)
SEPT. 24 UPDATE:
Austin City Council postponed its vote on Verde Square to October 14, according to a September 23 memo distributed by Rosie Truelove, director of the Austin City Housing and Planning Division.
SEPT. 21 ORIGINAL POST:
An upcoming development in North Austin will include apartments, a hotel and hundreds of thousands of square feet of mixed-use space on land adjacent to Q2 Stadium, home of Austin FC.
Austin City Council is due to vote on September 30th on a zoning motion for Verde Square, a multi-purpose development planned off Burnet Road and located in a cat corner of The Domain. According to city documents, the zoning change will allow developers to build taller, higher density buildings up to 308 feet on the site.
Verde Square is being developed through a joint venture between Austin-based firms Ironwood Real Estate and Karlin Real Estate. The mixed-use development will ultimately offer 386,000 square meters of office space, 33,900 square meters of retail space, a 160-room hotel and 280 residential units, according to city documents.
Scot Krieger, founding director of Ironwood Real Estate, told Community Impact Newspaper that the development will likely include four buildings. No tenants are currently known, said Krieger.
Construction on Verde Square is slated to begin in late 2022 and full expansion is expected to be completed sometime in 2025.
The land on the development site belongs to Austin FC owner Anthony Precourt, according to city documents. However, Krieger said that Precourt was not involved in the development of Verde Square.
“[Verde Square] is supplied with energy by the adjoining Q2 stadium, ”said Krieger.
The 6 acre development site is bisected by Bright Verde Way, the new road recently built for traffic in and out of the Q2 stadium. The zoning documents state that the site will be served by Kramer station on the MetroRail Red Line, and another upcoming Red Line station is planned about 1.6 km north of the Verde Square development. A stop for a high-frequency bus line of the Capital Metro is also in front of the property in Burnet.
The council can vote on the application for development on September 30th. According to Austin City Council securing documents, the development change is recommended for approval by both city officials and the Austin City Planning Commission.
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