The mixed-use project, which could top $1 billion of total investment over the next ten years, is still in the conceptual stage, according to a press release. The developer plans to file an application for a planned unit development with the city of Austin in February, and construction could begin at the end of 2022 or in 2023.
Redevelopment will come in phases. In the end, the project could include 1,600 new residential units, 1.1 million square feet of office space, 450 hotel rooms, and 140,000 square feet of retail and restaurant space. According to the release, the total square footage of the project would be up to 3 million, with an additional 13.7 acres of parking lot and building area being converted to green space.
For comparison, Tesla's forthcoming gigafactory in southeast Travis County is estimated to be about 4 million-5 million square feet, and the Domain in North Austin has 1.8 million square feet of commercial space.
Barshop & Oles started the yearslong process by submitting a development assessment to the city Dec. 3, according to the release.
The shopping center, which is currently the home of businesses such as Hobby Lobby, Sprouts Farmers Market and Pinthouse Pizza, backs up to the Barton Creek Greenbelt. According to the release, the original developer of the shopping center dedicated 84 acres to create and expand the greenbelt.
David Armbrust, founder and partner of Armbrust & Brown PLLC, the law firm representing the developer, said in the release Barshop & Oles plans to "carry that environmental spirit forward" by developing a trailhead for the greenbelt and providing 4,700 feet of trails, 10,000 feet of pedestrian walkways and bicycle paths as part of the site plan.