( Villas On Town Lake - Proposed Location For 60-Story Mixed-Use Tower In Austin)
There’s no denying that Austin Texas is changing and within the next few years we could see the skyline change again if a proposed two story, mixed-use 60-story tower project is built on Rainey Street in Austin.
When it’s finished the 60-story tower will be the biggest building in Austin and it will contain 440 luxury apartments, office space plus there will also be a second tower with 200 hotel rooms and 200 condos.
About This Project
Rainey Street has undergone a major transformation since it was zoned as part of Austin’s business district in 2004 and since then we’ve seen a once sleepy neighborhood transformed into a thriving community with restaurants, shops, bars and live music venues.
Where will this new project be built? The proposed 60-story tower project proposed by The Sutton Co will sit on the current site of the Villas on Town Lake, a condo project that overlooks Lady Bird Lake here in Austin Texas.
Sutton had the winning bid on the condo community for $50.8 million and the developer is eager to begin construction on their project in 2017 after long-time residents and owners have been paid for their units.
Anyone who owns a two bedroom unit at the Villas on Town Lake can expect to be paid up to $930,000 while individuals who own one bedroom units can expect to net roughly $500,000.
How Much Will This Project Cost?
Thanks to a recent article on mystateman.com we know that this project is expected to cost about $400 million once it’s completed.
One of the major bonuses that the builder will benefit from is Austin’s density bonus program which enables builders like the Sutton Company to offer units at what can be considered to be below market rates at the time they are sold.
The project is expected to be a huge boom for Austin, especially for Rainey Street, a hip location that’s becoming more in demand especially among Millennials.
To learn more about construction in Austin Texas, or to view homes for sale, contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.