The new catchphrase for Austin’s Rainey Street District might be “Tower Power.”
On November 23, Austin-based Pearlstone Partners and New York City-based ATCO Properties and Management unveiled plans for a 41-story condo tower at 84 East Ave. This project will join these other high-rises that are in the works in the Rainey Street neighborhood:
- The 33-story Natiivo apartment tower at 48 East Ave.
- A 53-story apartment and hotel tower at 90 and 92 Rainey St.
- A 49-story condo tower at 44 East Ave.
- The 48-story River Street Residences tower at 61 Rainey St., 69 Rainey St. and 60 East Ave.
All told, these projects will bring hundreds of apartments, condos, and hotel rooms to the ever more crowded and lively Rainey Street District, which once was a sleepy residential neighborhood near I-35 and East Cesar Chavez Street.
Pearlstone and ATCO plan to break ground on their nearly 348,000-square-foot condo tower in the second quarter of 2021, with completion set for late 2023. The project, now informally known as The East Tower, will contain 284 condos at an average size of 975 square feet. Most of the condos will be priced at $499,000 to $999,000.
Amenities on tap for the tower include a rooftop clubhouse; sky deck pool, cabana, outdoor kitchen, fireplace, and lounge, fitness center with private spin and yoga studios, dog park, ground-floor coworking space, and public art gallery.
The site of the new tower once was home to the two-story, more than 10,000-square-foot Rainey’s Backyard venue and later to Phoenician Resto Cafe. The Mediterranean restaurant has relocated to 2909 Guadalupe St., where it now operates as Kabobzi Mediterranean Grill.