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Austin Has a New Tallest Tower in the Works for Rainey

A 60-story building, along with a shorter one, will replace the Villas at Town Lake condos

Plans are under way to build two new towers in east Downtown’s Rainey neighborhood—one of which would be 60 stories tall, beating out downtown’s under-construction, 58-story Independent (or “Jenga”) building for tallest in Austin—the Austin-American Statesman reported Friday.

The paper reports that Austin’s Sutton Company has a contract to purchase the two-acre lot currently occupied by the Villas of Town Lake condominiums for $50.8 million. Sutton will partner with Dallas-based Koa Partners on the project, the story added.

The developers intend to build the 60-story skyscraper for 440 luxury apartments and office space, the Statesman reported, while a second, smaller tower would house 200 condominiums and 200 hotel rooms. The story also quoted Sutton chairman Mac Pike as saying the proposed project could cost an estimated $400 million and that builders hope to break ground in mid-2017.

Pike told the Statesman that the project will include the number of below-market units the city requires to allow a building more density than it would get without affordable units.

The current tallest building in Austin, by the way, is the Austonian, with 56 stories.

Project’s plans call for 60-story tower; would be Austin’s tallest [AAS]