T. Stacy & Associates, the developer of the bold 501 Congress multi-use project, announced a even bigger plan for the prime 5th and Congress site and a new lot that he now controls on Brazos and 5th.
The new project — which will cover 1.5 prime downtown blocks – will include an 800 foot hotel and condo tower that will likely be 70 stories tall. By far the tallest building in Austin, the building would rise more than 120 feet taller than the 56-story Austonian, currently the tallest planned downtown building. As part of the project, a smaller office building will be built at 501 Congress. The proposed office tower would likely rise 30-stories above Congress avenue.
We’ll publish renderings and additional details as they become available.
Here is the summary from the Austin Business Journal:
“More than three years after Austin developer Tom Stacy and a Chicago partner company purchased the building at 501 Congress Ave. and unveiled plans for a dramatic multiuse tower on the site, the deal has grown much larger, incorporating one-and-a-half city blocks, two soaring towers and an estimated $500 million investment.Stacy’s company, T. Stacy & Associates Inc., and Walton Street Capital now plan a 500,000-square-foot office and retail tower at 501 Congress that would be slightly taller than the 26-story Bank of America Center building the partnership owns at 515 Congress next door. The group is also plotting a hotel and condo tower at the corner of Brazos and Fifth streets that would rise more than 800 feet, making it by far the tallest building in Austin and the sixth-tallest in Texas.Stacy and Walton Street had initially proposed a 700-foot-tall tower at 501 Congress — with a hotel, condos, office and other uses — that would have been the tallest in Austin. But when the group finalized the purchase late last year of the Littlefield Garage just east of 501 Congress fronting Fifth Street, plans were reworked.”
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