55-story condo tower moving forward in Austin's Rainey Street district
A 55-story downtown Austin condo tower that has been in the works for several years is moving forward with a new name and plans for development.
Austin-based firm Urbanspace Real Estate + Interiors has named the project in the Rainey Street district the Modern Austin Residences. The property at 610 Davis Street will have 345 market-rate units and 20 units that will be offered to people earning 80% of median family income in the Austin metro area, which is $97,600 for a family of four, according to data from the city of Austin's Neighborhood Housing and Community Development Office.
The market-rate units will start in the $400,000 range for a one-bedroom unit. Three-bedroom units will be priced at $1.6 million, with prices up to $5 million.
Sales for the Modern will begin in the first quarter of 2022, with groundbreaking scheduled for late March 2022.
The Rainey Street district is a prime example of the growth both in downtown Austin and along the I-35 corridor.
The Austin City Council rezoned the area, which is along Lady Bird Lake, for high density development in the mid 2000s.Since then, it has transformed into its own district, with more than 2,300 new condos and apartments either built or under construction. Several more residential and mixed-use projects are planned. Those include a residential tower on Rainey Street, a high-rise mixed-use project proposed at Cesar Chavez and Red River streets, along Waller Creek, and a tower planned at Rainey and River streets called the River Street Residences.
New hotels have also been built, including the Hotel Van Zandt and the Fairmont across East Cesar Chavez Street, as well as scores of new bars and restaurants.
The new information about the Modern comes after the Austin City Council approved a density bonus for the project. It was previously planned to be 51 stories.
"The Rainey District now has the best of both worlds, the connectivity to nature, the vibrant nightlife and culinary scene and the walkability to the business district," said Urbanspace CEO Kevin Burns. "Rainey is now going through the next phase of evolution with developments such as the Modern Austin Residences and 44 East Ave, which materially enhance the neighborhood's fabric while helping city-wide issues by bringing additional housing to the urban core.”
The project will mean the end to Container Bar, a popular Rainey Street venue built from recycled metal shipping containers that is located on the project site.
Bridget Dunlap, who owns the Container Bar as well as nearby Clive Bar and Lustre Pearl, will develop an entertainment venue in the basement of the new building.
"Container Bar had a good run, but I'm excited for what's next," Dunlap said. "This next concept will fill a niche that Austin is missing in the music/hospitality scene, and I'm glad to have the opportunity to stay in our spot."
Additionally, Urbanspace will open a business on the ground floor similar to its first hospitality venture, Codependent Cocktails + Coffee, located on the ground floor of the Independent at 301 West Ave.
American-Statesman reporter Shonda Novak contributed to this report.