More towers on the rise at Austin’s Domain
Two more high-rise projects are underway at the Domain -- a 19-story apartment building called the Bowen and a 24-story office tower that will be the tallest building at the development.
The office building, called Domain Tower 2, will have 330,000 square feet of office space. Directly across Alterra Parkway, the 340-unit Bowen will be the first high-rise apartment tower at the Domain.
Domain Tower 2 and the Bowen are Stonelake Capital Partners’ fourth and fifth buildings, respectively, at the Domain. Stonelake, founded in Austin in 2007, is a real estate private equity firm with offices in Austin, Dallas and Houston.
Both projects are within Stonelake’s Domain | South End development, a 33-acre mixed-use section within the Domain.
“Stonelake is focused on creating an environment which attracts both companies and residents to call the Domain | South End home,” Kenneth Aboussie, Stonelake’s managing partner, said in an email Monday. “Domain Tower 2 and the Bowen are both signature buildings which mark the next step forward for the Domain | South End.”
Beck Group is the architect for Domain Tower 2. Streetlights Residential is the architect and general contractor for the Bowen.
The buildings come as the Domain continues growing. Originally developed by Austin-based Endeavor Real Estate Group, the 300-acre Domain has become a well established hub with a plethora of shopping, dining, entertainment, office, hotel and residential uses.
Its recent surge of growth has been driven by tech companies that are transforming the development with new office towers, several of which are fully leased to companies including Vrbo (formerly HomeAway), Indeed and Facebook. Amazon also has a large presence at the Domain.
Indeed has leased all 310,000 square feet in Stonelake’s first office building at the Domain, the newly opened 11-story Domain Tower.
In all, Stonelake’s master plan for its 33 acres calls for 3 million square feet of office space and 2,500 apartment units, along with a hotel and restaurants.
Aboussie said the Bowen will have “best-in-class” amenities, including concierge services, security, first-class finishes and a resort-style pool.
Aboussie said Domain Tower 2 “is an opportunity for Stonelake to deliver a technology-driven... office building in the highest job growth market in the country (Austin), in a submarket (the Domain) where there happens to be no office vacancy. That opportunity does not present itself very often.”
Stonelake’s Domain Tower 2 will be a glass building with outdoor landscaped terraces on the 14th and 24th floors, said Will Jenkins, a principal in Stonelake’s Austin office. The building will have views looking over the city, the Domain and the Austin FC Major League Soccer stadium that is under construction nearby.
The shell is expected to be ready for tenants to start building out their spaces in the fall of 2021. Sam Houston, Richard Paddock and J.D. Lewis with HPI Real Estate Services & Investments are in charge of leasing.
Jenkins would not comment on any specific leasing activity. He also declined to disclose the cost of Domain Tower 2 and the Bowen but said they are “significant investments for Stonelake and evidence of our commitment to Austin and to the Domain.”
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