The Village Shopping Center on Anderson Lane, home to Body Business and the Alamo Drafthouse, is being redeveloped into a large vertical mixed use project by its new owners, Capitol City Partners. The developers, led by Joe Lamy, bought the 12-acre center in October 2007. They have been in discussion with the North Shoal Creek Neighborhood Association about the planned development for the past few months. The center is currently zoned commercial and will require a rezoning to vertical-mixed use before the project can go forward. It will go before the Planning Commission in two weeks. The proposed project would include shopping, residential, and office uses. The Alamo Draft House would remain as an anchor tenant.
You will find an article about the proposed development in the latest edition of the Austin Business Journal, "Village Shopping Center to be redeveloped as larger mixed-use project." According to the article, the center would go from 145,000 sq feet to 600,000 sq feet. You can also find a writeup about the project on the North Shoal Creek Neighborhood Association’s website.