It’s been several months since any details about 70 Rainey have surfaced, but it’s starting to look as though a groundbreaking might be near.
According to the Austin Business Journal, the architecture firm handling the project, Page, told attendees at a recent Commercial Real Estate Women (CREW) luncheon that the project is moving forward. While he didn’t name a groundbreaking date, Page principal Joshua Coleman said construction will take about 24 months to complete once it starts.
Developer Sackman Enterprises is planning for the tower to be a 35-story building with “more than 160 residences priced from the $300,000s up to $3 million”. Sackman Enterprises obtained the site from Austin-based Riverside Resources.
During the summer it looked as if plans for the condo would be put on hold, as the developer and the City butted heads over the use of an empty adjacent lot as a construction staging area. Sackman and the City reached a compromise in August, with Sackman agreeing to pay $400,000 to use the lot at 64 Rainey St., as well as agreeing to pay for the design of the public right of way between the staging area and the site where the condo will rise.
According to the ABJ, the developer and City are continuing to negotiate over what kind of parking will be included for the general public.