Aug 2, 2017
Rainey Street’s high-rises in high demand
AUSTIN – Amid continued demand for downtown living, an Austin developer plans to build a residential high-rise in the Rainey Street area where a number of apartment and condominium projects...
AUSTIN – Amid continued demand for downtown living, an Austin developer plans to build a residential high-rise in the Rainey Street area where a number of apartment and condominium projects have risen over the past decade.
The project is proposed for 48 East St., which formerly housed law offices and now has tenants leasing space on a short-term basis.
Robert Lee of Lee Development said no zoning change will be required to build the high-rise, which he hopes to break ground on by the end 2017 once building permits are obtained from the City of Austin.
Although the design has not been finalized, the tower as currently envisioned would be about 33 stories.
The project is an estimated $60 million to build.
A filing with the Texas Department of Licensing and Regulation says the project would have 244 apartment units.
However, Lee said it has not yet been determined if the project will have rental units or for-sale condominiums.
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