Rainey skyline reaching new heights: One tower secures financing, another moves forward in plan review

The Modern Austin Residences exterior rendering

Neighboring high-rise projects – The Modern and 80 Rainey – clear significant milestones

By Parimal M. Rohit –  Staff Writer, Austin Business Journal

 

Rainey Street is on track to become ground zero for the latest upward expansion of downtown Austin’s skyline, as a couple of high-rise developments reached significant milestones this week.

The Austin Design Commission on Dec. 13 unanimously recommended plans to build a 49-story apartment tower at 80 Rainey St. Meanwhile, Austin-based Urbanspace Real Estate + Interiors announced Dec. 16 it secured both construction financing and a site development permit to move forward with its 56-story condominium tower, The Modern Austin Residences.

The two buildings represent the latest changes coming to the Rainey area, a district that has already seen extensive transformation in the past decade-plus. Since the area was rezoned for downtown-like density in 2005, it has attracted a slew of bars and restaurants, many of which are now being replaced by skyscrapers.

Austin-based Lincoln Ventures LLC has proposed bringing 644 apartments and multiple bar and restaurant concepts to 80 Rainey, which combines the properties at 78-84 Rainey St.

Meanwhile, Urbanspace’s 346-condo tower at 610 Davis St. will officially move forward with more than $300 million in financing secured from Peregren Capital Group LLC.

The two towers represent about 1,000 more residential units for the area. They will also add to a dramatic alteration of its skyline. Only weeks ago, the 50-story condo tower at 44 East Ave. topped out in the Rainey district.

Read the full story at Austin Business Journal »