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Lustre Pearl relocating?

Matthew Odam

Earlier this week, the Statesman’s Shonda Novak reported on three new towers coming to downtown . In the story she mentioned that the Dinerstein group had purchased a two-acre site in the Rainey Street area but plans were not clear on what their intentions were.

It seems things may be getting a little clearer. The Austin Business Journal’s Chad Swiatecki reports today that the Dinerstein group has submitted site plans that propose to build a mixed-use development with “250 apartments with a ground floor restaurant, totaling about 250,000 square feet on more than two acres bounded by Rainey and Driskill streets and the southern frontage road of I-35.” That’s right where Rainey Street bar Lustre Peal currently sits.

Dinerstein president Brian Dinerstein tells the ABJ that the hope is to start construction in the second quarter of 2014.

“We love the area and we’ve had our eye on that market for some time but it was challenging trying to assemble a tract that was big enough for what we envisioned,” he said. “We’re new urbanists and like less emphasis on traffic and congestion to make a place as vibrant and dynamic as possible.”

Read the entire ABJ story here.