More high-rise development coming to Rainey Street

Austin’s crazy-popular Rainey Street neighborhood will likely see another tower rising in its midst soon.

Local company Lee Development & Construction is planning to build a residential tower at 48 East Avenue, according to a Friday Austin American-Statesman story, with plans to break ground by the end of the year.

Lee Development plans either condominiums or apartments for the site, the paper reported, with height tentatively set at 33 stories. The company’s president and CEO, Robert Lee, told the daily that project, which he said would not require any zoning changes, would cost approximately $60 million. He added that financing would determine if the building will house condos or apartments.

The general contractor for the project will be Texas-based company Bartlett Cocke, while Austin’s STG Design will be the architect, the Statesman reported.

The story added that Lee Development has recently built such projects as the 21 Pearl residences in the UT West Campus neighborhood and a small apartment complex at 3114 South Congress Avenue and is currently building a 40-unit condominium project on Burnet Road.

• Another high-rise set for Austin’s Rainey Street district [AAS]