Proposed 60-Story Building to Tower over Downtown Austin
Developers are proposing a two-tower mixed-use project in Austin’s Rainey Street area that includes a 60-story tower that, if built, would become Austin’s tallest building.
The Sutton Co. of Austin and Dallas-based Koa Partners are partnering on the project, which envisions a 60-story skyscraper that would have 440 luxury apartments plus office space. A second smaller tower would have 200 condominiums and 200 hotel rooms, developers say.
Austin’s tallest building is the 56-story Austonian on Congress Avenue. The Independent, a 58-story condo building dubbed “the Jenga tower,” broke ground in January.
The project is proposed on a 2-acre site that is currently home to the Villas on Town Lake, a 58-unit condominium project overlooking Lady Bird Lake.
Mac Pike, chairman of The Sutton Co., said developers could have a site development permit in hand from the city in about a year, for a projected mid-2017 construction start.
Sutton beat out 11 other bidders for the property, for which the Villas owners began soliciting offers last year through local broker Robert Knight. Sutton has a contract to buy the 2-acre site for $50.8 million, said Gary Johnson, president of the board of the Villas’ homeowners association. Johnson said he and his wife, Bonita White, have lived at the Villas since 1999.
Proceeds from the sale, after closing costs, brokerage and other fees, will be divided among owners based on their unit sizes, Johnson said. Owners...