Tower nearly sold out; Residents expected to move in early next year
By Cody Baird – Staff Writer, Austin Business Journal
Sep 11, 2024
Rainey Street’s latest addition to the downtown Austin skyline has reached its maximum height.
The Modern Austin Residences, a 56-story condo tower, has topped out, according to an announcement. There’s still plenty of work left before it opens — a trip to the tower’s upper floors still requires hopping into an exterior construction elevator — but with the its structural framework complete, the nearly sold-out tower is expected to welcome residents in early 2025.
The tower is being developed by Austin-based Urbanspace, which also is handling sales, marketing, interior design and ground-floor retail operations. Urbanspace will establish its new office in the tower, said Kevin Burns, Urbanspace CEO and founder.
Once complete, the project will add 319 condos to downtown’s inventory. Initial move-ins are scheduled for the first quarter of 2025, with “substantial completion” of the tower expected in summer 2025.
Condos at The Modern Austin Residences went on sale in February 2022. Market-rate condos in the tower are 98% sold, said Urbanspace COO Lara Burns Boyda. Of those buyers, 70% are from the Austin metro and 85% are from Texas, according to the company.
The condos range in size from 600 square feet to penthouses with more than 6,000 square feet of interior space and exteriors of more than 4,000 square feet. Prices are from the $600,000 range to over $10 million.
Of the 319 condos, 20 will be priced at levels considered affordable. Exact pricing on the affordable units wasn’t available, though the units won’t be for sale until six months before buyers can take ownership of them, said Burns Boyda. Additionally, Urbanspace is contributing $1.3 million to an affordable housing fund, as well as $500,000 to The Trail Foundation to complete the Rainey Street Trailhead.
Amenities in the condo tower include indoor and outdoor lounges, a 25-meter swimming pool and spa, a fitness studio, a dog lounge, private dining rooms and guest suites that condo owners can rent out like hotel rooms.
Project partners include Flintco as general contractor, Page as architect of record, Nelson Partners as design architect and Peregren as financial partner.