The Domain in Northwest Austin has become a beacon for the city and what developers look at for inspiration in creating useful and a high-density multi-use project. The success of The Domain and the growing need for more of these mixed-use developments that can effectively combine live, work, and play environments has spawned two Domain-like developments that are in the works in Austin.
River Park
A mixed-use development in Southeast Austin has recently expanded its original plans for the project. The previous plans included over 5 million square feet of space, but that has now grown to over 10 million square feet. The project is expected to be a 10-20 year development that could cost upwards of $4 billion when completed.
Currently, the mixed-use development plans to feature office, residential, retail, restaurant, hotel, and entertainment space. Nearly 30 acres will also be set aside for publicly accessible green space.
Brodie Oaks Shopping Center
Another large mixed-use development taking shape in South Austin is the revitalization of the Brodie Oaks Shopping Center. Currently, the area features 365,000 square feet of retail and office space on a 38-acre site, but the hope is to expand it into 3 million square feet of office, residential, and retail space. The estimated cost is upwards of $1 billion, and pending city approval, we could see construction starting in 2022 with a completion date about a decade later.
Currently, the plans include 1,600 apartments and condos, 1.1 million square feet of offices, 450 hotel rooms, and 140,000 square feet of retail and restaurant space. It would also transform some parking space and building areas into 13.7 acres of green space.
While both of these projects are in the early stages of development and still have a long way to go, they could mark a shift in the lifestyles, businesses, and residents drawn to South Austin. Two Domain-like developments are likely to change the city of Austin in the next 10 years. If you’re curious about what these projects could mean for the city and the real estate market, contact Prism Realty. We’re happy to be your real estate guides, whether it’s buying a home, selling a home, or just staying updated on the current market.