AUSTIN (Austin Business Journal) — A Dallas-based developer is defending a planned industrial project after two nearby Austin suburbs took legal action to stop its plans.
Velocis, a Dallas-based private equity real estate fund manager, is building a 270,000-square-foot industrial development known as the West Austin Business Park near State Highway 71 and Sweetwater Village Drive.
A Velocis spokesperson said Aug. 23 that the company wants to find an amicable way forward with the cities of Bee Cave and Lakeway, which are behind a lawsuit that alleges the project violates a 2015 development agreement that only allows for a commercial or office project to be built at the site.
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