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.