According to the Downtown Austin Blog, 7Rio may be back on the drawing board. The previously proposed 32-story condo project on 7th and Rio Grande — on the site of Ranch 616 — is now supposedly being redrawn as a 24-story rental tower adjacent to Ranch 616.
With the rapid rise in rental rates, developers are racing to bring new projects to market. New towers are already under development on the Whitley printing site and Lamar near second street. In the current market environment, rental units are being absorbed at a much quicker rate than comparable condo units. For this reason, rental projects are easier to fund and manage to profitability.
We will post additional details as they emerge.
Renderings of the Original 7Rio Tower