U.S. News 67 acres available for development near Austin airport Published 3 years ago on April 22, 2021 By Matthew Kent Editor Share Tweet AUSTIN, TX – A chunk of open land just east of Austin-Bergstrom International Airport is being offered for a development opportunity. Austin-based Marketplace Real Estate Group LLC is putting 67 acres at State Highway 130 and Elroy Road up for a build-to-suit project, ground lease or fee simple sale. The land, named Industry East, is split up into three parcels and could accommodate a wide variety of uses. The firm is entertaining proposals to offload all or part of the land. Marketplace Real Estate Group consists of Karl Koebel, Doug Launius and Michael Modesett. The Austin-based commercial real estate company, which focuses on development in Southeast Austin and Del Valle, is also behind the massive Velocity mixed-use development east of the airport and Eastridge, a 310-acre site for built-to-suit or industrial development in Del Valle. The development opportunity could be part of a wave of growth in Southeast Austin. In late March, Tesla CEO Elon Musk tweeted that 10,000 people will be needed for an electric vehicle factory rising east of the State Highway 130 toll road, about 5 miles miles north of Industry East — a need that could well draw increased development interest to the area. A late 2020 report by Aquila Commercial suggested 50 or more companies could potentially follow Tesla to Central Texas and provide services or supplies to the automobile manufacturer. According to the report, “estimates indicate that every one Tesla job could generate as many as four additional jobs in the area.” About 470,000 square feet of the 67-acre property could be dedicated to light industrial development. More than 18,000 square feet of retail can also be built on the site. The property is in a triple freeport zone, a qualified opportunity zone and an Austin desired development zone. According to property records, Industry East LLC in August purchased the land from Valadd LLC, which had bought it from Realtranco Inc. in 2011. The property was most recently valued by Travis Central Appraisal District at $553,675. The parcel closest to SH 130 is 17.071 acres, while parcel three, which abuts Austin Fire Station 50 and a residential community, is 17.173 acres. Parcel two, which is on Elroy Road, is 33.219 acres. Industry East is the latest development opportunity in far Southeast Austin, which is sure to see significant change in the coming years because of the available space. Metro Austin is on pace to reach a population of 3.6 million by 2040 — up from 2.2 million today. A little north of Industry East, Velocity could have 7 million square feet of apartments, offices, industrial and other commercial space. An Austin Community College is planned adjacent to Velocity. Farther east, software maker Zoho Corp. has picked a site for its new headquarters, although Business Inside reported in November the land was being used during the pandemic as a farm. To the south south, Circuit of The Americas, known as the home of Austin’s Formula One race, is expected to soon enter a new phase of mixed-use development. Meanwhile, new home developments continue sprouting up in the area, such as Sundance Crossing to Sun Chase. Related Topics: Up Next Sen. Hughes bill to publish voting history record passes in Senate Don't Miss U.S. Transportation Secretary Buttigieg joins KVUE to discuss how Biden’s $2 trillion infrastructure plan affects Austin Advertisement Trending
