With Austin continuing its well deserved Boom Town status, have you ever driven past a property and thought, "I bet something will be coming there besides a parking lot?"
Questioning why several demo'd buildings right in front of the stadium were not being incorporated into the Q2 parking areas led to a quick search for what is going on and returned the following connected dots:
Combined 6.2-acre parcels owned by 27 Real Estate Ventures, LLC with Governing Person listed as Anthony Precourt, who also is President of Two Oak Ventures (owners of Austin FC)
Austin FC in the 27th MLS soccer franchise
Columbus Crew's new stadium development mirrors Austin FC stadium agreement to (a) privately build, (b) "gift" to private entity to own and take off tax roles as well as provide some tax benefits to the developers, and (c) lease the stadium from the public entity Confluence Authority in the Crew's case for $0.83/month.
City of Columbus previously negotiated an affordable housing requirement out of the project.
Also similarly, Columbus Crew's stadium developers are in process of building Astor Park adjacent to the new stadium which will include mix of office, residential and retail on 6.7-acres. First phase to in include 120,000SF ffice, 12,000SF commercial retail, 440 residential units, 15,000SF public plaza plus parking.
Based on near by commercial tower density I expect 750,000SF+ of mixed use development to rise up along Burnet Road, right in front of the Q2 Stadium and be neighbors to Capella's 450,000SF Arena Tower project. All new development standing to benefit from the cache' of being located next to the new Entertainment Capital of Austin and also from the Q2 Stadium facility amenities including the new Red Line commuter train station soon to be added.
(**crude crayon drawings not to scale or indicative of possible final design)
Sounds like a fantastic development opportunity and will bring some much needed density outside of downtown Austin.
"Looks like the "Next Domain" was going to be built at the Domain the whole time!" - LinkedGlenn