New downtown Austin apartments are coming to Rainey Street on Lady Bird Lake.
Two downtown Austin apartments towers will make up the project. These will be built in two phases, consisting of 45 stories or more each. The Austin Business Journal has the details.
The developer, Genesis Real Estate, is from Dallas and plans to get going on the project early next year. They think city plan reviews will be complete by the end of 2018. This is because the developer is not requesting any zoning changes. They bought the Villas, a 58 unit condo building that was on the site, last summer.
Genesis has already determined the footprint of the downtown Austin apartments. However, the height and design will depend on several factors. These include whether parking will be above or below ground and what the penthouses will look like.The developer wants to create a unique project that will fit well into the downtown Austin apartments market. They are carefully investigating what will be most desirable.
Demolition of the existing building won’t occur until right before construction begins. Also, construction of the 2nd tower will depend on how leasing goes with the first tower. Genesis hasn’t finalized cost and financing because they haven’t hired a general contractor yet.
Up to 1.5 million square feet could be built on the site. However, the developer expects the first tower to be between 400,000 and 425,000 square feet, plus parking. The size of the second tower will be determined by how the market responds to the first tower.
Both downtown Austin apartment towers will be situated on the lot to take advantage of the incredible views of Lady Bird Lake and downtown Austin.
The next largest buildings on Rainey Street are the 34 story condos at 70 Rainey and 33 story condos at 48 East Avenue. This project will be much taller than either of those communities.
This project doesn’t come close to the tallest residential buildings downtown. Those are the Austonian, which is 56 stories, and the Independent, which is 58 stories. Both are downtown condos, not downtown Austin apartments.