B
arings Real Estate has secured approval for a major development in North Austin after the City Council rezoned a 38-acre site near The Domain. The new zoning allows for buildings up to 350 feet tall and a floor-to-area ratio of 10:1, paving the way for dense, vertical projects in one of the city's fastest-growing corridors.

    The property, owned by TR Stonehollow Corp., is located in the North Burnet/Gateway District, a designated growth zone where Austin has encouraged vertical development. The site benefits from its proximity to public transportation, with CapMetro's McKalla Station and the forthcoming Broadmoor Station nearby.

    The area has undergone significant changes, shifting from industrial uses to dense residential and commercial developments. Ledgestone Development Group is among several companies capitalizing on this trend, planning a 200-unit condominium project in North Austin that aims to address the city's tight condo supply.

    While the broader Austin multifamily market faces challenges due to an oversupply of apartment units, the site could support nearly 1,600 residential units. No specific development plans have been revealed, but construction is expected to occur in a single phase and potentially be completed by 2027. This rezoning follows a similar approval for a nearby 121-acre tract that includes the Gateway Shopping Center.