That’s a survey benchmark marker painted on the pavement, specifically a horizontal control point used by surveyors.

The black and white quartered oval/circle is a standard marking used to indicate a geodetic survey point set by agencies like the USGS, NGS (National Geodetic Survey), or a local government. The “hs” stenciled next to it likely indicates the type or code for that particular control point.

These marks help surveyors establish precise location references for construction, mapping, or engineering projects in the area. There’s probably a physical monument (like a metal disk or rod) in or under the pavement at that exact spot.​​​​​​​​​​​​​​​​