Rainey Street is the site of a lot of construction. The tiny little street on the banks of Lady Bird Lake and the edge of downtown will be seeing apartments, hotels and condos in some of the tallest buildings in Austin, the Austin Business Journal reports.
70 Rainey is a 35-story tower that will have luxury condominiums. After months of negotiations over a city-owned lot where the developer wants to stage construction, the project finally broke ground August 2nd.
The first units are expected to be completed in late 2018. The developer, Sackman Austin, will pay $400,000 to lease the city-owned lot and create a public right-of-way between 64 and 70 Rainey Street. Their goal was to disturb traffic on the busy street as little as possible, and Sackman Austin will finally get its wish now that the City Council voted to approve the plan.
After construction, Sackman Austin will pay to put a park on the city-owned land, which is adjacent to the Mexican American Cultural Center.
70 Rainey’s design, created by Austin’s Page architecture firm, features an above-ground parking garage that serves as a podium to elevate the residential level and provide the best views for residents. The garage will be covered with plants and become a living wall to disguise the concrete structure.
In addition to an infinity pool, which is standard in most luxury construction, there will be a plunge pool located in a secluded garden room surrounded by Chilean Mesquite trees. 70 Rainey will have nearly 20,000 square feet of outdoor space, plus the Lady Bird Hike and Bike Trail as its backyard. Rainey Street is full of restaurants and bars, but 70 Rainey will also have an onsite restaurant.
Austin’s The Sutton Co. and Dallas’ Koa partners are looking to build the tallest skyscraper in the city on Rainey Street, the Austin Business Journal reports.
The 60-story tower will include 440 luxury apartments with rent starting at $2,000 per month plus office space. Built on a 2 acre lot that the developers have under contract to purchase for $50.8 million, the tower would sit next to another smaller structure the developers plan to build which will include 200 condominiums and 200 hotel rooms. The development will replace the 1980’s Villas on Town Lake condos and owners there are expected to be paid about $925,000 for 2 bedrooms and just under $500,000 for one bedrooms when the project closes, the Austin American Statesman reports.
The project is expected to break ground in mid-2017 and will cost $400 million. Condos are expected to be priced at $700,000 for 900 square feet to $12 million for an entire floor with 12,000 square feet.
48 East is another residential project in the Rainey area that is under construction. With 250 apartments averaging 850 square feet, the 35 story luxury tower will also have 3,000 square feet of retail space.
Units will feature private balconies, wood flooring, stainless appliances, custom tile, quartz counters, and spa-like bathrooms. The project was projected to break ground in mid-2016, but no word on a completion date.
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