Posted Dec 17, 2008, 3:08 AM
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Registered User
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Join Date: Mar 2006
Location: Denver, Colorado
Posts: 804
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I found out about this last Thursday, the project that I was working on got put on hold because of the hold on The Domain projects.
Quote:
Statesman.com - Endeavor delays retail projects at the Domain
By Shonda Novak | Monday, December 15, 2008, 03:45 PM
In another casualty of the recession, major retail projects at the Domain in North Austin have been pushed back for a year.
Endeavor Real Estate Group said a Nordstrom and Saks, along with 450,000 square feet of additional retail space, 490 apartments and 125,000 square feet of office space, won’t open until fall 2012. The delay will push the opening of a Whole Foods Market to May 2012.
Kirk Rudy, managing principal at Austin-based Endeavor Real Estate Group LLC, said the company had not started to seek financing. Given the state of the retail and capital markets and the economy, he said, it was wiser to hold off.
“Though Austin is faring relatively well in the economic downturn, we’re mindful of the uncertain climate,” Rudy said. “We feel a revised timeline for the retail district is appropriate given today’s economic environment.”
He said all three retailers agreed to the revised schedule.
The department stores are to be anchors in a project that will include condominiums, apartments, offices and hotels.
An office building and an Aloft hotel, a Starwood brand, hotel are under construction.
Endeavor is developing 176 acres east of the Simon Property Group’s Domain shopping center. The Endeavor land is bordered by Burnet Road, Braker Lane, North MoPac Boulevard and Domain Drive.
In Simon’s project, work has started on a Westin Hotel and new stores including Dick’s Sporting Goods.
Dillard’s had planned a store there as well. Simon wasn’t immediately available for a comment on the status of that project.
The Simon project already includes a Neiman Marcus and Macy’s.
The credit crunch has delayed projects nationwide, including a planned 1,000-room Marriott hotel on Congress Avenue and several retail centers in Central Texas.
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