By: Andrea Zander – Institute for Real Estate Operating Companies

Marketplace Real Estate Group and joint venture partner Presidium Group have plans to develop Velocity, a 314-acre, 7 million-square-foot, mixed-use project in southeast Austin. The co-developers expect to break ground in early 2021.

The project will 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 also will feature 585,000 square feet of flex industrial and creative office, 310,000 square feet of commercial use for retail, and three hospitality sites.

Formerly branded Velocity Crossing, the property will be situated at the southwest corner of State Highways 71 and 130 within an opportunity zone. The site is also within the city of Austin’s Desired Development Zone and a Triple Freeport Zone.