The Domain (Austin, Texas)
| 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 | Official Website |
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 by Union Pacific Railroad, on the west and north by Loop 1, on the south by Braker Lane, and on the east by Burnet Rd. The initial phase of the project was completed in March 2007. It is managed and owned by Simon Property Group of Indianapolis, Indiana, The U.S..
The 303 acres (123 ha) property for what would eventually become The Domain was purchased from IBM by the Endeavor Real Estate Group in 1999 and from Multech, with the financial assistance of the Blackstone Group and JER Partners. The initial plan had been to create a campus for the dot-com industry but those plans fell through when the dot-com bubble burst.
In 2003, the Simon Property Group and the Endeavor Real Estate Group entered into a collaborative partnership to develop The Domain. 2004 saw the demolition of Century Oaks Park, a multi-purpose recreational facility for IBM employees and their families, and the start of construction on the initial 57 acres (23 ha) Domain: Phase I.
Additional land for The Domain was 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. The city of Austin expects to take in about $40 million in sales and property taxes over the 20 years of the incentive agreement.
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. 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 Microsoft store. 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. Both of those stores have since closed as of late 2010, and have now become locations for Anthropologie (in the former Ruehl location), and Lids (in the former Martin + Osa location). Restaurants include McCormick & Schmick's, Fleming's, Daily Grill, Jasper's, Kona Grill,The Steeping Room, & California Pizza Kitchen.
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