A project nicknamed “The Domain on Riverside” is now looking at steroids. Developers of the newly renamed mixed-use River Park development in southeast Austin have expanded the size to 109 acres and more than 10 million square feet.
In October 2019, Austin City Council approved the rededication of 97 acres for the project – formerly known as 4700 East Riverside – due to objections from critics, including the Defend Our Hoodz group. Opponents complained that the development would contribute to even greater gentrification along the East Riverside Drive corridor.
River Park developers have now pinned the 12-acre Parke Green shopping mall on 1717 S. Pleasant Valley Rd on the site of the project and planned more than 10 million square feet of space. The previous plan for the project was well over 5 million square feet.
At over 10 million square feet, River Park would be twice the size of the current Domain mixed-use complex in North Austin. Several apartment complexes and the shopping center would have to be leveled to make way for the project.
Developers, Texas-based real estate investment firm Presidium and Swiss private equity firm Partners Group, expect River Park to be completed in 10 to 20 years, with a potential cost of more than $ 4 billion. They will initially develop a 15 acre section along the southeast portion of the property. Austin-based investment firm Nimes Capital is no longer involved in the development.
The project will include office, residential, retail, restaurant, hotel and entertainment space, but details on these components are not available. At least 400 apartments, which are geared towards affordable living space, as well as around 30 hectares of publicly accessible green space are to be included.
The River Park site is located directly east of the headquarters of software giant Oracle. On December 11th, Oracle announced that its main office was relocating from Silicon Valley to Austin. The land in River Park is bordered by Roy G. Guerrero Colorado River Metro Park, East Riverside Drive, Pleasant Valley Road, and Country Club Creek.
“The location and size of River Park provide a unique opportunity to solve and address some of Austin’s biggest challenges such as housing, affordability, connectivity and mobility – all on an urban infill site within five minutes of downtown,” said Michael Piano, director of development at Presidium, said in a December 21 release.