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Austin-based Stratus (Nasdaq: STRS) is currentlyg seeking rezoning for 33 acres on Amarra The Zoning and Platting Commission will review the zoning requestnext month. Stratus CEO Beau Armstrong says it remaind undecided whether the units willbe high-endd rentals or condos, saying that decision will be Although Stratus has pursued mostly single-family luxury home lots on undeveloped land in the which is in the Barton Springs recharge and contributinhg zone where ordinances dictate impervious covee limits of 20 percent, Armstronyg says the tract's Southwest Parkway frontage made it more appropriatr for increased density.
Stratus recently complete 71 luxury home lots in the Veranko Drive neighborhood that overlookzthe 4,000-acre Barton Creek Those homes will range from the high $300,000 to $750,000. In addition, Stratus bega building two new Class A buildingsin Lantana, its 500-acrew mixed-use development off Southwesgt Parkway. The property is entitled for 2 millionj square feet of officr and retail development and includes two luxuryapartment complexes, 139 condoz and 330 single-family home sites. In 2006, Stratus sold nearlu 60 acres at the corner of Southwest Parkway and William Cannon Driveto AMD) for an 860,000-square-foot, $270 million corporats campus.
"The AMD development is goinf to change things out there and will result in more development and growth in that which we are excited says Armstrong. The company has 4 millioj square feet of commerciapl entitlement between its Barton Creek community propertyand Lantana, says "We're basically working through various approvalz to bring that online," Armstrong says. "It's years and years of inventory and we are continuiny to entitle it and accommodatethat growth." As nearbyg communities like Bee Cave, Westlakre and Lakeway prosper, Southwest Austin continues to be one of the city'sx most desirable areas for high-end office and residentiao use.
With Loop 360 and MoPac largelybuilr out, Southwest Parkway is one of the area'ds only remaining developable arterials. Southwest Austin felt its latestt injection of development activity with the debut late last year of the HillCountry Galleria, a 1.3 million-square- foot mixed-use developmen t by Phoenix-based That project is located west of Southwes t Parkway on State Highway 71. "Thse growth to the west is saysJay McBride, a board membert of the Estates at Barton Creek community. "Iy looks like the growth of Round Rock. It's that huge.
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