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Apartments, hotel, entertainment complex planned near Domain

The Addison on Burnet

A planned 40-acre development adjacent to the Domain in North Austin would feature apartments, a hotel, shops and a golf-focused entertainment complex, developers told the American-Statesman on Tuesday.

Austin-based Endeavor Real Estate Group purchased the site at Burnet Road and Esperanza Crossing from IBM Corp., and construction is set to begin next month.

Also Tuesday, Endeavor said it is continuing to expand its presence at the Domain. Founding principal David Roche said the company is planning 350 more apartment homes there, as well as 250,000 additional square feet of retail space, an office building and potentially a hotel. Endeavor already has 543 units under construction at the Domain.

"The success of the Domain to date has led us to be bullish on this area," Roche said.

The new mixed-use development, which is adjacent to the Kramer Lane MetroRail station, will be "designed with the pedestrian in mind," Roche said. Bike paths will be included, along with wide, tree-lined sidewalks.

ZOM Texas, developer of the high-rise Monarch apartment complex in downtown Austin, will use almost half of Endeavor's newly acquired site — 18 acres — to build the Addison, a three-story upscale apartment complex with a total of 388 units.

"I am encouraged by the ZOM announcement because it shows that the city's efforts to stimulate more infill activity through their catalytic investment at the Domain are spreading to nearby parcels," said Charles Heimsath, a local real estate consultant.

"Encouraging development within the existing city limits is more sustainable, and it will help maintain the strength of the local tax base."

The first apartments at the Addison should be ready for move-in by late 2013, according to ZOM Senior Vice President Kevin Wisdom.

http://www.statesman.com/business/ap...n-2381541.html

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