Austin Business Journal writes, "while The Domain and its surroundings are often referred to as Austin’s second downtown, buildings there have never reached the heights of the Central Business District. But that may be starting to change.

In February, Austin City Council approved revised building regulations for the region known as North Burnet/Gateway that allow for denser and taller construction up to 491 feet, or about 45 stories. The previous limit was 360 feet.

While some towers were already planned to reach 300 feet in this area, more recent projects are stretching toward the new upper limit of construction,

"They are responsive to energetic growth in this area of my district," said Council Member Leslie Pool, who represents District 7, which includes North Burnet/Gateway. She said the new rules represent a step toward comprehensive changes that reflect the area’s transformation into the city's second major urban node.

It also reflects "the enthusiasm for development" in the area, she added.

Check out below a wide-angle view of the latest projects planned for in and around The Domain, from the developers invested in the area's transformation, based on public documents and past Austin Business Journal reporting.

This story is based on what is publicly known about these future towers; the plans may change or be delayed.

Many of the tallest buildings are expected to be residential, underscoring the high demand for housing in Austin, despite some anxieties over the future of commercial real estate.

Stonelake Capital

Plans for Stonelake's The Hollis tower indicate it could rise 427 feet, or 35 stories. SCREENSHOT OF CITY OF AUSTIN DOCUMENTS

Dallas-based Stonelake Capital Partners LLC plans to erect two multifamily towers that, at 427 and 338 feet, would be taller than anything else currently standing or proposed in North Austin, according to site plans filed with the city.

The buildings, known as The Hollis and The Benjamin, would rise at 3110 Gracie Kiltz Lane, according to the site plans. That address on the south end of The Domain is currently a parking lot that is part of a 14.5-acre parcel that includes an IBM office building.

The Hollis is the taller of the two planned towers at 427 feet and 35 floors. At that height, The Hollis would reach higher than downtown’s Northshore, a 424-foot apartment high-rise.

The Hollis' proposed height is only possible because of the revised height restrictions.

If built as planned, The Benjamin would be shorter than The Hollis but still taller than any other building in The Domain. At 338 feet and 27 stories, it would look down on the current tallest building, Stonelake’s Domain Tower 2, which rises 208 feet.

High Street Residential

Plans have been submitted for a roughly 20-story tower at this site at 10711 Burnet Road, at right. GOOGLE STREET VIEW

High Street Residential Inc., a subsidiary of Dallas-based Trammell Crow Company LLC, is planning another multifamily tower near The Domain, according to a Dec. 6 filing with the Texas Department of Licensing and Regulation.

It should be noted that such filings are preliminary and subject to change.

A site plan filed with the city of Austin indicates the tower would rise 341 feet on 2.2 acres at 10711 Burnet Road, the site of a low-rise office. That’s just north of Q2 Stadium, home of the Austin FC soccer team, and south of The Domain.

The tower would include four stories of parking, according to information in the TDLR filing. On the first floor, lobby, leasing and tenant space would surround the parking garage. A fitness facility, amenity deck and clubroom would be built on the fifth floor.

The estimated cost of the project is $145 million.

It’s not clear how many apartments the building would have but the square footage is estimated to be 700,000.

Construction on the project is expected to begin April 1, 2023, and be completed in April 2024, according to the TDLR filing. Minneapolis-based ESG Architecture and Design is leading design.

Cousins Properties

A rendering of Domain Central 1, an office high-rise planned for The Domain that could rise 26 stories on the site of a parking lot at 3008 Esperanza Crossing. COUSINS PROPERTIES INC.

Atlanta-based Cousins Properties Inc. (NYSE: CUZ) has plans to expand its presence in The Domain.

In July, it unveiled plans for the 26-story Domain Central 1. It's still unclear when construction could start on that office building: in an earnings call last summer, Cousins Properties President and CEO Colin Connolly said that rising development costs were delaying the project.

However, Cousins is hard at work on Domain 9, a 338,000-square-foot office building that is 97% pre-leased, according to a February investor presentation. It listed Domain 9 among its projects slated to deliver in the next two years. Inc. in December 2021 leased all of the office space in Domain 9.

Karlin Real Estate

Los Angeles-based Karlin Real Estate LLC has plans to develop Verde Square, a two-phase, mixed-use project consisting of multifamily residences, an office building, a hotel and a retail building, according to site plans filed with the city of Austin.

The development would rise adjacent to Q2 Stadium.

The multifamily building would rise 307 feet, the office building would be 275 feet tall, the hotel would rise 143 feet and the retail property would be 61 feet, according to the site plans.

It's unclear when construction could start. Initial projections were that work could begin in late 2022 and last through 2025.

Kilroy Realty

An executive with Los Angeles-based Kilroy Realty Corp. said Oct. 26 that the company has paused construction of its planned Stadium Tower at 10615 Burnet Road, next to Q2 Stadium in North Austin. On Oct. 27, construction vehicles and the base of a crane sat unattended at the quiet site, which is… more  COLIN POPE / ABJ

Meanwhile, we know for sure that at least one project is on pause for now. There’s a massive hole in the ground in North Austin where Los Angeles-based developer Kilroy Realty Corp. in October halted construction on its Stadium Tower project at 10615 Burnet Road, just north of Q2 Stadium.

"We intend to hold off on the construction of Stadium Tower, our Austin development site, until the economy gives us more confidence or we pre-lease a substantial portion of the project," John Kilroy, Kilroy’s CEO and chairman, told investors on an Oct. 26 earnings call. He did not specify any benchmarks for leasing or the economy to restart the project.

For now, there are no updates on when construction of the 493,000-square-foot tower may resume, and it is still listed in Kilroy's future development pipeline in the company’s annual report, released Feb. 10.

In a Feb. 2 earnings call, John Kilroy told investors that the company had "some pretty big development opportunities within the markets we're in today."

"Will we add significant development again over time as it’s appropriate in the greater Austin market?" he asked. "Probably.""


Source: Austin Business Journal

Written by: Cody Baird

Published: March 6, 2023


Posted by Grossman & Jones Group on


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