Real Estate

Presidium Renames Mixed-Use Project Near Tesla Gigafactory

23 December 2024

A multifamily development near Del Valle is getting a fresh identity amid expansion plans.

Developer Presidium, headed by co-founder and CEO John Griggs, has rebranded its 314-acre mixed-use project at the southwest corner of state highways 71 and 130 to The Row, the Austin Business Journal reported.

Formerly known as Velocity, The Row will include thousands of homes, plus retail, hotels and 100 acres of green space. The project’s new name is the result of Presidium’s larger effort to redevelop southeast Austin, according to a news release.

The first phase of development, a 307-unit apartment complex called Del Via, is already underway. The next phase will focus on the retail district, including a 6,250-square-foot restaurant and 22,000 square feet of retail space, set to begin next year.

In the subsequent phase, 100,000 square feet of retail space will be added, along with an AC Hotel by Marriott, developed in partnership with Merritt Development Group, and a second multifamily project with more than 300 units.

Presidium, co-headquartered in Austin and Dallas, is collaborating with PentaGrowth Capital to co-develop the retail portion. Retail leasing is being managed by Retail Street Advisors, with Chioco Design serving as the upcoming retail district’s architect and Blacksmith Collaborative as landscape architect. KFM Engineering & Design is the project’s civil engineer.

The rebranding comes as the surrounding area sees significant growth.

Cleveland-based NRP Group and the Housing Authority of Travis County recently partnered on the Preakness Apartments, an affordable housing project located at the intersection of East Slaughter Lane and Capitol View Drive.

NRP Group is also working with Florida-based PointOne Holdings and the Travis County Facilities Corporation on a 328-unit affordable housing development at 6205 Ross Road. In addition to the area’s residential projects, Southeast Austin is also seeing industrial transformations due to its proximity to Tesla’s gigafactory and the Texas Division of Emergency Management’s headquarters.

— Andrew Terrell