Velocity Crossing is expected to be a major catalyst project along the high-growth SH 130 corridor in Southeast Austin. Velocity Crossing is a 375-acre, mixed-use development featuring ± 4.5 million square feet of retail, office, entertainment, hospitality, creative campus and multifamily uses. The project has excellent visibility and accessibility from SH 71, SH 130 and FM 973 and is located in a Triple Freeport Zone.
Velocity Crossing is 15 minutes to downtown, five minutes to the Austin-Bergstrom International Airport and 10 minutes to the Circuit of the Americas and Austin 360 Amphitheater. The property is positioned to take advantage of area growth and provide regional and community services, amenities and employment opportunities.
PROPERTY ±375 acres located at the southwest corner of Highway 71 and SH 130, with frontage and access on FM 973, one-mile from the Austin Bergstrom International Airport and less than 10 miles to downtown Austin.
TRIPLE FREEPORT ZONE Velocity Crossing is located in a Triple Freeport Zone. This zone was established to allow businesses to not pay taxes on inventory that leaves the state within 175 days. Freeport property includes goods, wares, merchandise, ores, and certain aircraft and aircraft parts. Freeport property qualifies for an exemption from ad valorem taxation only if it has been detained in the state for 175 days or less for the purpose of assembly, storage, manufacturing, processing, or fabricating.
ROADWAYS Approximately $190 million in significant highway widening are currently underway. Completion of the work is slated for Q3 2017. These improvements positively impact and directly benefit Velocity Crossing. The property features approximately one mile of frontage on Highway 71 with excellent visibility and multiple curb cuts. FM 973, which runs along the west side of the property, has three dedicated access points with a dedicated left turn lane onto the property from the four lane divided road. Additional road expansion and improvements to FM 973 north of Highway 71, including two new bridges across the Colorado River, are complete. A portion of SH 130 is set to grow from four to six lanes from SH 45 in Pflugerville to SH 71 near the Austin-Bergstrom International Airport. Construction could begin in early 2018.
State Highway 71 serves as a major corridor for motorists traveling to and from the Austin-Bergstrom International Airport, the city of Bastrop, and other central Texas communities. In fact, in 2015, the average daily traffic on SH 71 just east of SH 130 was more than 50,000 vehicles a day. With continued growth in eastern Travis and Bastrop counties, TxDOT is planning for improvements on this section of SH 71 to enhance safety and manage congestion.
The proposed project would construct two new overpass bridges on SH 71 over the existing signalized intersections at Ross Road and Kellam Road. This would improve mobility by allowing SH 71 through-traffic to flow through the area without stopping. In addition, new frontage roads would be built within the project limits to allow local travelers access to Ross Road and Kellam Road. Bicycle and pedestrian accommodations would also be improved and expanded, as a part of this proposed project.
DEVELOPMENT The site is very developable as it is relatively flat with few trees and no known environmental issues. It is located in the City of Austin’s Preferred Development Zone and is on the “going home” side for retail users. This is an important distinction as the submarket is in desperate need of grocery and related services. All utilities are on site or adjoining the property. Of all four tracts located at the intersection of SH 130 and Highway 71, Velocity Crossing is the only property that has direct access to FM 973.
REGIONAL GROWTH The southeast submarket is undergoing substantial growth with over 20 subdivisions and projects being planned on Highway 71, SH 130 and Hwy 183. The southeastern areas of Austin provide sustainable housing priced to start ± $200,000, which will continue to attract residential growth. In addition, according to TxDOT, Highway 71, Ben White Expressway and SH 130 are the only underutilized transportation arteries in Travis County. Combined, these factors produce affordable housing and employment centers that are community sensitive and 15 minutes from downtown on uncongested thoroughfares. Velocity Crossing is positioned to take advantage of area growth and provide regional and community employment opportunities. Improvements, including elevated toll lanes over FM 973, are now open (February 2017) on Highway 71 and FM 973 from west of the airport to east of SH 130.
Residential home development in Del Valle is on track for high-growth over the next five years. The Sunchase Development is currently developing the first of 270 SFR lots with the first panel to be delivered in Q4 2017. The Stony Ridge Development is in final stages of platting an additional ±1,000 SFR lots with anticipated development starting mid 2018.
NEIGHBORS H-E-B purchased 15.5 acres of land from Velocity Crossing at the southeast corner of FM 973 and Highway 71 on December 18, 2016, adding to its development pipeline in growing Central Texas. In November 2015, Austin Community College purchased an adjacent 124-acre site along FM 973 south of Velocity Crossing. A Q3 2016 housing report from Metrostudy is tracking over 55,000 residential units approved for development in the Southeast submarket over the next 10 years.