Austin-based Riverside Resources is in the early planning stages of a 37-story residential tower at 718 W. 5th Street. According to an article published by the Statesman, the new development would bring 163 upscale condo units to the market. The site is currently owned by the Texas Press Association.
Developers submitted the site development permit application to the City in November of 2013, and that application is still pending. Riverside Resources must also convince the City to allow a higher Floor to Area Ratio (FAR) than what is typically allowed on the site. According to an article in the ABJ, developers have “indicated it would pay between $750,000 and $1 million, much of which would benefit the city’s affordable housing” in order to build the proposed project with a higher FAR.
The majority of all multifamily construction in Austin has been rental units since the economic downturn, but it seems that condo development could be heating up again. Last November, the Seaholm condo developers announced that all 280 units in the 30-story building had been reserved soon after becoming available.
Check out these preliminary renderings that popped up on the web recently. You can see the proposed building in context with surrounding buildings:
What do you think about the proposed condo tower on West 5th? Be sure to leave your comments below!