Real Estate Confidential Austin
Towering Over Austin

New luxury high-rise breaks ground in trendy Austin neighborhood

New luxury high-rise breaks ground in trendy Austin neighborhood

70 Rainey condo high rise development residential tower rendering downtown Austin Rainey Street
Construction is expected to complete in early 2018. Rendering courtesy of Sackman Austin

Austin's bustling skyline is getting a new addition. On Tuesday, developers break ground on a new Rainey Street high-rise.

70 Rainey is a 34-story condominium tower promising luxury living and uninterrupted views of downtown Austin. Construction, which is expected to complete in early 2018, is helmed by Sackman Austin.

"Today is the culmination of a tremendous amount of hard work and positive collaboration," said C.J. Sackman, director of development for 70 Rainey, in a statement. "We are excited and proud to see our shared vision for the future of this treasured downtown cultural district beginning to take shape."

The tower features 164 residences and is already taking reservations. Each of the one-, two-, and three-bedroom units — as well as two varieties of penthouses — features elevated ceilings and an outdoor terrace. Other notable amenities include a therapeutic plunge pool, sauna, steam showers, fitness facilities, dog park, pet-grooming station, and 24/7 concierge services.

The residences are situated on top of an above-ground parking garage. Connecting the two sections is a 20,665-square-foot outdoor patio and green space complete with a community garden, yoga deck, fire pit, outdoor kitchen, and several lounge areas, as well as a vanishing-edge pool facing Lady Bird Lake.

Prices range from $500,000 to upwards of $4,000,000. But you don't have to be a resident to enjoy some aspects of the development, like the ground-floor restaurant on Rainey Street and second-floor patio. Additionally, Sackman Austin is giving $400,000 to the City of Austin to help with construction of a new pocket park in the lot just south of 70 Rainey.

The ground-breaking ceremony for 70 Rainey takes place Tuesday, August 2, at 6 pm, with a celebration to follow at Half Step. Look for the tower going up in the old Rainey Street Food Court space in front of the Mexican American Cultural Center.