December 23, 2016

Work starts on latest tower to rise over The Domain

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By WILL ANDERSON
Austin Business Journal

Construction crews started work in the last few days on Domain Tower, an 11-story office high-rise that would anchor a new wave of construction at the North Austin mixed-use development.

A joint venture by Stonelake Capital Partners and HPI Real Estate Services & Investments, Domain Tower is a 310,000-square-foot facility at 10721 Domain Drive. Completion is expected in early 2018. Work has already started on a seven-story parking garage directly north of the tower, which is adjacent to IBM Corp. at the corner of Braker Lane and Burnet Road.

Domain Tower will offer offices from 30,000-square-feet to 310,000-square-feet with design by BOKA Powell. Sam Houston, Richard Paddock and J.D. Lewis of HPI are handling leasing. J.P. Morgan is the construction lender for the project, which is set to include outdoor terraces, a designated food truck area and an on-site concierge.

But it is just the first project planned for this corner of The Domain. Stonelake bought the 31-acre parcel in 2011 and aims to build 3.5 million square feet of office, apartment and retail space in the next decade, including a hotel, grocery store and restaurants. Its next building — a five-story, 372-unit apartment community called Flatiron | Domain — is scheduled to break ground in 2017.

A multitude of office projects are under construction or close to breaking ground at The Domain, as Community Impact points out, with more than 1.3 million square feet of office space under development at the north end of the community.

Stonelake, founded in Austin in 2007, is a real estate-focused private equity firm that owns more than $2 billion in commercial real estate in the state. It has offices here and in Dallas and Houston.

HPI was started in 1992 as Hill Partners Inc. and now is a full-service real estate company with offices in Austin and San Antonio.

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