Major real estate plans are taking shape from Robinson Ranch to The Domain. Developments going up in this area – north of U.S. Highway 183 – have expectations to create the vibrancy of downtown Austin without the cost. What can we expect? Here’s a look at the latest details:
Photo courtesy of Austin Business Journal.
Robinson Ranch, 7,000 acres of land in Northwest Austin, is considering multiple development opportunities. In fact, the Robinson family attorney, Richard Suttle, confirms the zoning for Robinson Ranch allows for a development denser than that of downtown’s Central Business District and enough room for more than 10 Domains. However, no decision has been made. The family is still getting organized and looking at longer-term plans.
In recent news, it looks like North Austin may be home to a Major League Soccer stadium – the home of the Columbus Crew SC. In particular, it looks like Precourt Sports Ventures is focusing on McKalla Place, a city-owned tract south of the Domain. According to Suttle, the area, those living and shopping at the Domain, is the ideal demographic for the addition of a soccer stadium. Currently, this location is being studied at City Hall.
Map of Capella's site, plus two apartment complexes going up nearby. The "City of Austin" site is McKalla Place. Photo courtesy of Austin Business Journal.
Also at McKalla Place, Capella Capital Partners LLC has plans to turn three acres into a 12-story office building and a 20-story apartment tower. The apartment tower is separated into seven floors of parking and 13 floors of residential units. This area has a high-demand for tenants. Why? Proximity to the Domain without being “IN” the Domain.
Rendering of Flatiron. Courtesy of Austin Business Journal.
As it turns out, the area has a demand for additional office space. On the south side of the Domain, Indeed is leasing all of The Domain Tower project by HPI Real Estate and Stonelake Capital Partners. These builders are also developing Flatiron, a nearby apartment complex. Meanwhile, the land to the north of the Domain is going to house a 320,000-square-foot office building by TIER REIT, named Domain 11. The shell of Domain 11 is expected to be complete this fall and 98 percent of the structure is to be leased to Austin’s HomeAway Inc. But, that isn’t it. The area could experience additional growth as a partnership between TIER REIT and Endeavor was launched earlier this year.
For more information on the growth, click here.