The Domain (Austin, Texas): Difference between revisions
TerraFrost (talk | contribs) m →Second phase and additional expansion: fith -> fith + wikification |
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* [http://www.keepaustinsword.com Keep Austin's Word] |
* [http://www.keepaustinsword.com Keep Austin's Word] |
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Revision as of 07:21, 2 July 2009
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| Location | Austin, Texas, USA |
|---|---|
| Opening date | 2007 |
| Management | Simon Property Group, Endeavor Real Estate Group |
| Owner | Simon Property Group |
| No. of stores and services | 71 (including committed tenants) |
| No. of anchor tenants | 2 |
| No. of floors | variable; most tenants single story |
| Website | The Domain @ simon.com |
The Domain is a high-density business, retail, and residential center operated by Simon Property Group and Endeavor Real Estate Group, and is located in the high-tech corridor of northwest Austin, Texas. It is bordered on the west and north by Loop 1, on the south by Braker Lane, and on the east by the Austin IBM campus. The project was completed in March 2007.
Initial development
The initial Domain site consists of 57 acres (230,000 m2) and stands on the former site of Century Oaks Park, a multi-purpose recreational facility for IBM employees and their families. The park was so named for the century-old trees contained within. The land was purchased from IBM, and demolition of the park began in 2004.
Additional land for The Domain is being reclaimed from vacant IBM manufacturing and administrative buildings, as well as driveways and parking lots that were once part of the original IBM campus.
The developers were granted tax subsidies in 2003 from the City of Austin and Travis County. Total developer compensation is a maximum of a net present value of $25 million. The developer keeps 80 percent of the city's sales tax for the first five years and 50 percent for the next 15 years. Plus, 25 percent of the property tax is rebated back to the developer for the entire 20-year period.[1] The city of Austin expects to take in about $40 million in sales and property taxes over the 20 years of the incentive agreement.[2]
First phase
The first phase of the project, The Domain, opened on March 9, 2007, and includes 700,000 square feet (65,000 m2) of restaurants, office space, upscale retail stores, apartments, and a hotel.[3] The retail portion of the project has attracted many retailers and restaurants new to the Austin market. An 80,000 sq ft (7,400 m2). Neiman Marcus and a Macy's anchor (with Macy's fulfilling an earlier commitment by Foley's), along with 70 specialty stores, including an Apple Store, a Barneys New York CO-OP store, Burberry, Victoria's Secret, Tiffany & Co., BCBG Max Azria, Calypso Christiane Celle, Anne Fontaine, Lacoste, Lilly Pulitzer, Betty Sport, and a Borders Group bookstore. The shopping center notably is also one of the short list of locations containing outlets for two new store concepts — Abercrombie & Fitch Co.'s RUEHL 925, targeting affluent young professionals, and American Eagle Outfitters' adventure-oriented Martin + Osa. Restaurants include Brio Tuscan Grill, Martini Park, McCormick & Schmick's, Daily Grill, Jasper's, Kona Grill,The Steeping Room, & California Pizza Kitchen.[4] Napa Valley, California-based Oakville Grocery, a 125-year-old gourmet specialty food and wine retailer, has also signed a lease for a specialty grocery store.[5][6]
Second phase and additional expansion
The second phase, Domain Crossing, will be located directly south of The Domain and open in spring 2008.[7] Domain Crossing adds an additional 350,000 square feet (33,000 m2) of retail stores, restaurants, and apartments, as well as a theater and other entertainment options.[8]
Simon Property Group announced that a 200,000 sq ft (19,000 m2), three-story Dillard's would open during spring 2009 in the primary portion of the project.[9] Nordstrom signed a letter of intent for a two-story, 149,000-square-foot (13,800 m2) store to open in The Domain by 2011.[10][11]. Also, Saks Fifth Avenue will be coming late 2011.[12][13]
Opposition
Brian Rodgers, leader of Stop Domain Subsidies, sued the City of Austin and Endeavor Real Estate Group in 2004, claiming Endeavor purposely mislead the city in order to receive what he argued amounted to $65 million in tax subsidies. The suit was settled out of court, with the settlement allowing the City of Austin to back out of deal with no penalties. [14]
Stop Domain Subsidies launched a petition drive in 2007 to put an initiative on the city ballot to stop the city from granting any city tax subsidies for developments with retail uses.[15] The charter amendment, which would have prevented the city from giving tax incentives to retail projects, appeared on the ballot for the November 2008 election as Proposition 2 but was ultimately defeated by a margin of 4%[16]. In the run-up to the election, on September 2008, a political action committee named Keep Austin's Word was started by Betty Dunkerley, a former member of the Austin City Council.[17]
References
- ^ Recommendation for Council Action #1705, Agenda Item No. 4 (PDF), City of Austin, May 15, 2003.
- ^ City leaders banking on the Domain, Austin American-Statesman, March 4, 2007.
- ^ Domain dwellings have an upscale address, Austin American-Statesman, February 27, 2007.
- ^ Whats in store at the Domain?, Austin American-Statesman, March 1, 2007.
- ^ Napa Valley grocer heading for The Domain, Austin Business Journal, January 10, 2007.
- ^ Austin Inc., Austin American-Statesman, January 12, 2007.
- ^ Details firming up for Domain Phase II, Austin American-Statesman, March 2, 2007.
- ^ Developer plans minicity for second phase of the Domain in North Austin, Austin American-Statesman, February 24, 2007.
- ^ Dillard's to open fifth Austin store at Domain, Austin American-Statesman, May 19, 2007.
- ^ Nordstrom plans 2nd store in Austin, Austin American-Statesman, March 15, 2007.
- ^ Nordstrom signs on at The Domain, Austin Business Journal, March 15, 2007.
- ^ Novak, Shonda (2008-06-10). "Saks to join Domain retailers". Austin American-Statesman. Retrieved 2008-12-10.
- ^ "Saks Fifth Avenue to Relocate to Endeavor's Domain Project". 2008-06-11. Retrieved 2008-12-10.
- ^ [1], Stop Domain Subsidies Background, December 21, 2007.
- ^ [2]. Stop Domain Subsidies,December 21, 2007.
- ^ "Prop. 2 defeated; Domain will keep getting tax rebates". Austin Business Journal. 2008-05-11. Retrieved 2008-26-11.
{{cite web}}: Check date values in:|accessdate=(help) - ^ "Opponents square off over tax amendment". The Austin American-Statesman. 2008-09-11. Retrieved 2008-10-02.