Plans are in the works for a $250 million project — a 14-story apartment tower and a six-story office building — that is expected to break ground early next year in North Austin near the Domain.
Capella Capital Partners, an Austin-based commercial real estate development company, said Friday that North Gateway Plaza will be built at 10615 Burnet Road, adjacent to the 24-acre McKalla Place site owned by the city of Austin. McKalla Place is the leading site in contention for Precourt Sports Ventures’ proposed Major League Soccer stadium.
North Gateway Plaza will be the first downtown-style residential tower in the Domain area, Capella officials said. The 320,000-square-foot residential tower will have nearly 300 apartments with one-, two- and three-bedroom floor plans. Amenities will include an outdoor lounge deck, pool and fitness center.
The office building will have 300,000 square feet of office space and 20,000 square feet of retail space. Business tenants will have a fitness center, a terrace and lounge and a conference center. Boutiques, cafes and service providers will occupy the street-level retail spaces.
The buildings will share a seven-story parking garage.
Capella said it is finalizing site permits and the interior design of the residential units now. The project is expected to be finished in 2021.
“The Burnet corridor is experiencing exciting new developments,” Neil Francois, managing partner of Capella Capital Partners, said in a written statement. “Our team is thrilled to be participating in this growth and very proud of our high-quality North Gateway Plaza project. It will be the crown jewel in our portfolio.”
The tower is being designed by Page, an Austin-based architecture firm, and negotiations for the general contractor are under way.
The project’s design complies with the area’s zoning and no variances will be required, Capella said.
North Gateway Plaza will be Capella’s largest commercial project to date and its first in the area of the Domain, the large mixed-use project that has come to be known as Austin’s second downtown.
Other Capella projects include the River Place medical building on RM 2222 and the 7710 Rialto Blvd. office building in Southwest Austin.