In a nutshell
Situated on the property in question is Studio Domain, an apartment complex on 3.07 acres at 2700 Gracy Farms Lane, Austin. Prior to its change in use earlier this year, the site was home to an Extended Stay America hotel, according to city development documents.
The approved rezoning request from Krea, LLC indicates plans to repurpose the plot of land for a mixed-use development with 350 multifamily housing units and 210 hotel rooms. Additionally, the plans call for 20,000 feet of ground-floor retail space.
Diving in deeper
Per the zoning documents, the rezoning and future land use map amendments approved by City Council on Sept. 12 converted the property from a mixed-use “neighborhood residential subdistrict” to a high-density mixed use “commercial mixed use-midway zone subdistrict.” Each of these subdistricts are part of the North Burnet-Gateway Regulating Plan, a development document intended to guide development in the area.
At its core, this change enables developers to increase building density on the property and act as a bridge between residential areas surrounding The Domain and commercial activity within The Domain, according to the zoning documents.
The lot’s previous zoning allowed up to 60-foot high buildings, but the updated zoning permitted under the North Burnet-Gateway plan permits up to 350-foot high buildings with a development bonus applied, per the development documents. For comparison, the tallest building in The Domain is Tower 2, standing at 308 feet and 24 stories, according to developers Stonelake Capital Partners.
The 2700 Gracy Farms Lane site connects directly to the Gracy Farms Retail Center housing Phoebe’s Diner, Moonie’s Burger House, Taco Deli and more.
A virtual public meeting was held for the project in April, however, city documents state that no neighborhood residents participated in the meeting.
What’s next
More information on site plans, a redevelopment timeline or other details about the redevelopment were not available as of press time. Additionally, property owner Krea, LLC and its representative Drenner Group did not respond to requests for comment as of publication.
