Developers plan to build two more office buildings at the Domain that would be the tallest towers to date at the North Austin mixed-use development often referred to as the city’s “second downtown.”
Austin-based Endeavor Real Estate Group is teaming with Dallas-based Tier REIT on the two new buildings, which are planned for the north end of Alterra Parkway.
One building will be a 15-story tower called Domain 11 and the other is a 17-story building called Domain 12.
Each would have 315,000 square feet of space. The developers aren’t releasing a projected cost for the project.
The buildings are in the design phase and there is no timetable yet for breaking ground, said Scott McLaughlin, a senior vice president with Tier. Construction could take 18 to 24 months.
“The Domain is the epitome of live-work-play, and one of the most urbane and exciting mixed-use developments across the nation,” McLaughlin said. “Tier… owns over 18 acres of developable land at The Domain that can accommodate up to 1.3 million square feet of additional office space. While we intend to be disciplined with this development, given the strong market fundamentals and the incredible interest to date in this project, it is a very exciting time to be in Austin and at The Domain.”
The towers will have matching glass exteriors, shared landscape features and a park between the buildings.
The buildings are being planned as the Central Texas office market continues to thrive amid the region’s job growth. With 1.5 million square feet of existing office space and another 1.5 million of office space still to come, the Domain has emerged as a regional center of commerce and technology, according to marketing materials for Domain 11 and Domain 12.
Two other office buildings also are underway at the Domain currently.
One, called Domain 8, is a 12-story building slated to open in about four months and is 94 percent leased, with pending deals that would take it to 100 percent in the next 45 days, said Chad Marsh, a managing principal with Endeavor. Tenants in the 290,000-square-foot Domain 8 include two of the biggest names in the tech industry — Amazon and Facebook, local office brokers say.
Just last month, construction started on Domain Tower, an 11-story office building that will have 310,000 square feet of space and is due to open in early 2018. The developer is HPI Real Estate Services & Investments, partnering with Stonelake Capital.
Domain Tower is the first office building at the Domain with a developer other than Endeavor, the original developer of the Domain between MoPac Boulevard (Loop 1) and Burnet Road.
The Domain is sought after by employers, because its shopping, dining and entertainment options make it a place where their employees want to be, local office brokers continue to say.
In addition to its 1.5 million square feet of office space, the Domain has more than 50 restaurant and nightlife venues; 2,700 apartments; 1.8 million square feet of retail space; and 775 hotel rooms.
McLaughlin said Friday that demand across the project is” phenomenal,” with office space at the Domain 100 percent occupied.
“Together with our development partner, Endeavor, we are thrilled to see The Domain take shape, including our plans for Domain 11 and 12, which will only raise the bar further for innovative and design-forward office space set among the new tenant paradigm that is The Domain.”