Located along Lady Bird Lake and adjacent to Rainey Street, the spot is currently home to a condo development called Villas on Town Lake that has 58 units. 80% of the owners voted to sell and were given an estimated $500,000 to $930,000 each depending on the size of their condo, although actual amounts weren’t disclosed.
Located at 80 Red River Street, the new development by Genesis Real Estate Group will have 400 units spread over 40 floors and 400,000 square feet, plus parking, and may eventually have a second tower with more units, depending on market demand.
The city will have to approve the site plan before construction can begin and no total cost has been announced yet.
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