Massive Mixed-Use Development, Verde Square, Breaks Ground Next to Q2 Stadium

A large-scale development is making waves in North Austin, with city leaders approving zoning for the project, dubbed Verde Square, in 2021. Led by Karlin Real Estate (Los Angeles) and Ironwood Real Estate LP (Austin), the project boasts impressive numbers: 369 apartments, 450,000 sq. ft. of office space, 35,000 sq. ft. of retail, and a 190-room hotel.

"Verde Square will include more than 1 million square feet in total, with high-end residential units, highly amenitized office space, curated food and beverage offerings, a lifestyle hotel, and more." - Matt Schwab, Karlin co-founder.

The 6-acre site, located on Burnet Road, benefits from a 2021 zoning change allowing increased height and square footage. The developers can now build up to 308 feet tall, equivalent to 27-30 stories. Verde Square joins the slew of major projects near the popular Domain, Austin's "second downtown."

While the original timeline targeting a late 2022 groundbreaking faced delays due to economic challenges, Schwab remains confident:

"As with all commercial real projects across the country over the last few years, the process has taken longer than originally anticipated because of the macro-economic environment...We look forward to announcing these developments in the very near future."

Verde Square highlights include synergies with Austin FC, a new F&B destination with green spaces, proximity to Cap Metro's McKalla Station and employment hubs, and architecture reflecting Austin's unique character, creating a distinct landmark.

However, with numerous projects planned near the Domain and Q2 Stadium, only time will tell which visions come to fruition. Max McDonald of Aquila Commercial notes that only two office projects are currently under construction, with two recently completed, emphasizing the challenging market conditions. Despite this, tenants continue to express interest in modern facilities close to amenities, and the Domain's attractions and Austin FC's success offer a promising value proposition.

#

URLs:

• https://www.statesman.com/news/2023/01/09/verde-square-austin-development-stadium/41070840001/
• https://francist.com/
• https://aquilacommercial.com/