Excerpted from the Austin American-Statesman article entitled “Check out the new 43-story residential tower topping out in the Rainey Street District“:
The project is part of a wave of growth in the Rainey Street District, an area just off East Cesar Chavez Street and Interstate 35 that is known for its bars and restaurants. The former working-class district has seen successive surges of high-rise residential, hotel and other commercial development since the city rezoned it for high-density uses in the mid-2000s.
Two other mega high-rises are under construction on Rainey Street:
- Paseo, a 48-story downtown apartment tower is under construction at 80 Rainey St. It will have 557 apartments, amenities for residents across multiple floors, and several food and beverage venues on the ground floor. The building is due to open in late 2025.
- The Modern, a 56-story residential tower at 610 Davis St. will feature one- to five-bedroom homes with prices from $600,000 to more than $15 million, according to the developer’s website. The Modern is being developed by Kevin Burns, an Austin real estate broker who specializes in downtown condo sales and development.
Although downtown’s office market has languished as remote work has taken hold since the coronavirus pandemic, people still want to live in the center of the action, and that’s keeping downtown’s housing, retail and restaurant sectors bustling, Burns said.
“With interest rates expected to fall and strong population/job growth, I am quite optimistic that the downtown Austin condo market will see a solid year of sales and appreciation in 2024,” Burns said. “This is following a subpar year of sales in 2023 due to global market issues and high interest rates.”