This activity signifies renewed confidence in the local economy and will eventually bring to fruition Endeavor’s dream of an 8 million-square-foot urban complex dotted with parks and trails.
“We’re back,” said Ben Bufkin, a development associate at Endeavor. “Momentum is building again.”
Quiet no longer
The three projects that broke ground include a 55,000-square-foot Whole Foods Market, which will replace the smaller location at Capital of Texas Hwy. and MoPac. Workers broke ground in September and the market is scheduled to open in spring 2013.
In October, a residential project developed by Endeavor, Dallas-based Columbus Realty and an international real estate investment firm, RREEF, also broke ground. The development will open in two phases: Phase 1 will be 315-unit apartment complex at Esperanza Crossing and Alterra Parkway, and Phase 2 will be a 228-unit apartment complex at Domain Drive and Esperanza Crossing.
The third project is a 9-acre park on Alterra Parkway between Kramer Lane and Esperanza Crossing, for which construction began in January. The initial phase of the park will include grassy areas, a bocce ball court and a trail and will open in spring 2012. A second phase will add a pavilion.
Although Endeavor is likely to introduce more mixed-use development on the remaining 83 undeveloped acres, Bufkin said the earliest date such projects could appear is fall 2014.
“There’s nothing that we’re ready to announce today,” he said. “The partnership is spending a bunch of time right now in strategic planning about what is next.”
Expanding the vision
The idea for The Domain started in 1999 after the formation of Endeavor, which had bought 243 acres from IBM and 60 acres from Multech, along with financial partners Blackstone Group and JER Partners. At the time, the idea was to create a dense campus for the dot-com/tech industry. When the dot-com bubble burst, the joint venture shifted directions.
“It was clear that this area was going to be one that continued to grow at a faster rate than other parts of the city,” Bufkin said. “For those reasons, it is fundamentally sound real estate.”
In 2003, Endeavor partnered with mall owner and operator Simon Property Group to create a mixed-use lifestyle center on 57 acres. Later known as The Domain I, the center is anchored by retail giants Neiman Marcus and Macy’s and has 630,000 square feet of retail, 90,000 square feet of offices and 390 apartment units.
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