A large, mixed-use project planned next to the Q2 Stadium in North Austin made a big splash in 2021, when city leaders approved zoning for the proposed development.
The developers planning the project, called Verde Square, are Los Angeles-based Karlin Real Estate, partnering with Austin-based Ironwood Real Estate LP.
In new details provided to the American-Statesman, Karlin officials say the proposed project now calls for 369 apartments, 450,000 square feet of office space, about 35,000 square feet of retail space and a hotel with 190 rooms.
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Ryan Bohls and Alex Taghi with Franklin Street, a national commercial real estate services and strategies firm, said they remain skeptical that ground will be broken on any new office construction in the Domain area before the end of 2024 unless it’s 100% preleased.
“We’d expect many sites to sit undeveloped for the better part of the next two years,” said Bohls, Franklin Street’s regional managing director in Austin. “Whereas the Domain has sat under 10% vacancy the last five years, with a sharp decrease in demand and few tenants requiring big blocks of space, the immediate fundamentals of the micro market have shifted.”
