Written By Parimal M. Rohit
CoStar News
January 5, 2023 | 4:49 P.M.
Curated By: Tony Lazarov

More housing is in the works for the area surrounding Q2 Stadium in North Austin, Texas.
Austin-based Cypress Real Estate Advisors is planning to build a five-story multifamily project at 10109 McKalla Place, according to a state permit. The site at 10109 McKalla Place is currently home to an industrial building that was built in 1980.

 
Cypress Real Estate's proposed 274-unit development, called McKalla Place, has a budget of at least $60 million, according to the filing. Construction is set to start in June and continue through August 2025.
The property is next to Q2 Stadium, where Austin’s Major League Soccer franchise, Austin FC, plays its home games.
Cypress Real Estate's website lists a loan for an "Austin Stadium District" project next to Q2 Stadium. The bridge loan, secured by first and second liens on 2.9 acres, is for $8.5 million.

 
Cypress Real Estate has several other multifamily developments in the Austin area, including the 230-unit Lakeshore Pearl, the 256-unit Corazon, a 322-unit property called The Guthrie and a 328-unit building known as The Copeland, which is also a stone's throw from the Q2 stadium. The real estate developer also has properties in Denver; Raleigh, North Carolina, and Jupiter, Florida.
The site at 10109 McKalla Place is located within one mile of The Domain, a high-density, mixed-use development often referred to as Austin's second downtown. Several major employers such as Amazon, Google and Indeed have office space at The Domain.

 
The Domain is also home to several multifamily developments, restaurants, boutique shops and big-box retailers. Multifamily properties at The Domain include Flatiron, The Kenzie and Griffis.
Cypress Real Estate is not the only developer to take an active interest in the area immediately surrounding the soccer arena. The fast-growing apartment arm of national homebuilder Toll Brothers has plans to build a 27-story residential tower across the street from Q2 Stadium.
And Los Angeles-based Karlin Real Estate announced plans in 2021 to build a mixed-use development with hospitality, office and residential uses next to Q2 Stadium. The project, known as Verde Square, could bring 280 apartment units and 386,000 square feet of office space to North Austin.