According to the Downtown Austin Blog, a prime lot between Rainey Street and the Mexican American Cultural Center — just North of River Street — is now under contract and could result in a new retail or residential development. The Rainey Street District — located between the convention center and the lake just west of I-35 — is a historic neighborhood that has come alive with downtown residents, restaurants, and bars. With the Shore, Milago, and Legacy on Town Lake all in the district, hundreds of residents provide a foundation to bring the neighborhood to life.
Despite the neighborhood’s rapid transformation over the last two years, there has been very little new development. Most of the changes have come through the adaptation of residential houses to bards and restaurants.
According to the report, “A 0.5702-acre parcel (24,840ft) development site in Downtown Austin’s Rainey Street neighborhood has been placed under contract. The site, 68-74 Rainey Street, is owned by Equity Secured Capital LP and comes with an asking price of $2.5MM. It consists of three adjacent lots, one is double size, so the total Rainey Street frontage is equivalent to nearly four lots. At first glance, it doesn’t appear that power-line easements or Waterfront Overlay District create any encumbrances.”
While anything could happen with the contract, it’s another sign that developers have their eye on Rainey Street. The neighborhoods with the most character are often historic and central. For this reason, it was probably inevitable that the Historic Rainey Street neighborhood in the heart of downtown would become a prime target for further development.