A view of the building’s eastern side from I-35. Though this preliminary rendering shows an accurate height and general exterior appearance for the East Avenue tower, its developers Pearlstone Partners say more detailed and accurate renderings will be released later, and that this design is subject to minor changes as the project proceeds. Image: STG Design
A 41-story downtown Austin condo project could raise a total of 283 residences in a pretty tight corner of the ever-growing Rainey Street neighborhood starting next year. According to local real estate firm Pearlstone Partners, which is co-developing the building with New York-based investment group ATCO, groundbreaking for the district’s latest tower is tentatively scheduled in the first quarter of 2021.
The two properties at 82 and 84 East Avenue had a combined taxable value of $3.3 million in 2019, and although the details of any potential sale aren’t public, the land would likely go for a lot more than that.
Located on a 0.4-acre assembly of two neighboring tracts at 82 and 84 East Avenue — confusing addresses since they’re both along the section of East Avenue also functioning as the I-35 Frontage Road — the site of the tower project is currently home to the Phoenician Resto Cafe and an adjacent hookah bar. This property, sandwiched between the Camden Rainey Street apartment building and the newly-opened (and very weird-looking) Homewood Suites hotel, is actually just down the street from Pearlstone’s Natiivo “home-sharing” tower under construction even as we speak.
From this rendering’s perspective, we’re looking at the northeastern corner of the building from I-35. Image: STG Design
The as-yet-unnamed building will offer Austinites what Pearlstone CEO Robert Lee describes as “attainable” high-rise housing in the urban core — unlike most of the condo towers recently opened downtown with median purchase prices floating around $1 million or more per unit, Lee says Pearlstone anticipates unit prices at its East Avenue tower to range between $449,000 and $999,000.
“We’re targeting a buyer pool that found themselves priced out of downtown during the last development cycle,” Lee says. “It’s a price point other buildings aren’t generally matching in terms of volume — and the city definitely needs more of this.” Pearlstone, he says, would like to be seen locally as a “price-conscious” developer as the firm continues pursuing multifamily projects in the Austin market.
An aerial view looking east towards the Rainey Street area over I-35, with the tower project location circled. Rainey Street itself is located directly north of the site. Click for a larger view. Image: Bing Maps
The building’s local development team includes architects STG Design, landscape architects dwg., and civil engineers Wuest Group; with pre-construction services from national builders AECOM Hunt. Currently only known by its address of 82-84 East Avenue, according to Lee the tower’s name and brand identity, plus more detailed renderings of the project, will emerge in the coming months — but the developers expect to file a plan with the city for an initial completeness check this week.
Rainey Street Condos For Sale
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$530,000
70 Rainey ST #1310
Austin, TX -
$748,000
70 Rainey ST #1409
Austin, TX -
$651,583
70 Rainey ST #2605
Austin, TX -
$1,334,242
70 Rainey ST #1901
Austin, TX -
$850,000
54 Rainey ST #1018
Austin, TX -
$555,000
48 East AVE #1606
Austin, TX -
$930,000
48 E East AVE #1710
Austin, TX -
$625,000
54 Rainey ST #804
Austin, TX -
$489,900
40 N Interstate 35 #6D4
Austin, TX -
$830,000
48 East AVE #2711
Austin, TX -
$384,900
603 Davis ST #1906
Austin, TX -
$839,000
603 Davis ST #1403
Austin, TX -
$1,199,000
70 Rainey ST #1204
Austin, TX -
$679,900
603 Davis ST #1709
Austin, TX -
$819,900
603 Davis ST #1502
Austin, TX -
$479,500
54 Rainey ST #616
Austin, TX -
$550,000
603 Davis ST #703
Austin, TX -
$340,000
54 Rainey ST #615
Austin, TX -
$530,000
70 Rainey ST #1603
Austin, TX -
$829,000
603 Davis ST #1802
Austin, TX -
$737,000
48 E East AVE #1509
Austin, TX -
$545,000
40 N Interstate 35 #3D3
Austin, TX -
$700,000
603 Davis ST #813
Austin, TX -
$1,130,000
70 Rainey ST #1602
Austin, TX -
$565,000
603 Davis ST #904
Austin, TX
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$530,000Lot SizeN/A
Home Size718 sqft
Beds1 Bed
Baths1 Bath
-
$748,000Lot SizeN/A
Home Size1,128 sqft
Beds2 Beds
Baths2 Baths
-
$651,583Lot SizeN/A
Home Size837 sqft
Beds1 Bed
Baths1 Bath
-
$1,334,242Lot SizeN/A
Home Size1,697 sqft
Beds2 Beds
Baths2 Baths
-
$850,000Lot SizeN/A
Home Size1,956 sqft
Beds2 Beds
Baths3 Baths
-
$555,000Lot Size17,904 sqft
Home Size1,036 sqft
Beds1 Bed
Baths1 Bath
-
$930,000Lot Size17,904 sqft
Home Size982 sqft
Beds2 Beds
Baths2 Baths
-
$625,000Lot Size305 sqft
Home Size1,189 sqft
Beds2 Beds
Baths2 Baths
-
$489,900Lot Size1,046 sqft
Home Size1,360 sqft
Beds2 Beds
Baths2 Baths
-
$830,000Lot Size17,904 sqft
Home Size1,036 sqft
Beds1 Bed
Baths2 Baths
-
$384,900Lot Size175 sqft
Home Size809 sqft
Beds1 Bed
Baths1 Bath
-
$839,000Lot Size305 sqft
Home Size1,699 sqft
Beds2 Beds
Baths3 Baths
-
$1,199,000Lot SizeN/A
Home Size1,321 sqft
Beds2 Beds
Baths2 Baths
-
$679,900Lot Size262 sqft
Home Size1,286 sqft
Beds2 Beds
Baths2 Baths
-
$819,900Lot Size305 sqft
Home Size1,597 sqft
Beds2 Beds
Baths2 Baths
-
$479,500Lot Size218 sqft
Home Size852 sqft
Beds1 Bed
Baths1 Bath
-
$550,000Lot Size175 sqft
Home Size1,176 sqft
Beds2 Beds
Baths2 Baths
-
$340,000Lot Size175 sqft
Home Size756 sqft
Beds1 Bed
Baths1 Bath
-
$530,000Lot SizeN/A
Home Size663 sqft
Beds1 Bed
Baths1 Bath
-
$829,000Lot Size305 sqft
Home Size1,597 sqft
Beds2 Beds
Baths2 Baths
-
$737,000Lot Size17,904 sqft
Home Size982 sqft
Beds2 Beds
Baths2 Baths
-
$545,000Lot Size1,220 sqft
Home Size1,533 sqft
Beds2 Beds
Baths2 Baths
-
$700,000Lot Size218 sqft
Home Size1,219 sqft
Beds2 Beds
Baths2 Baths
-
$1,130,000Lot SizeN/A
Home Size1,154 sqft
Beds2 Beds
Baths2 Baths
-
$565,000Lot Size218 sqft
Home Size1,252 sqft
Beds2 Beds
Baths2 Baths
