Also, the city of Austin's approval during the quarter of a development agreement for 1,273 acres in the Circle C development allows Stratus to proceed there. The development agreement allows 1 million sf of commercial space and 1,730 residential units.

"We plan to commence development activities at Circle C by the end of 2002 and we believe our future lots at Circle C will represent a good complement to our estate-sized lots in the Barton Creek community," says chief executive William Armstrong in a statement.

For the quarter, Stratus posted a loss of $100,000, or $0.89 per share, on revenue of $4.6 million.

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