New details are emerging about a new 40-story apartment tower planned for 90 Red River Street in the Rainey neighborhood.
According to a report from the Statesman, The Villas on Town Lake, built in 1982, will be torn down to make way for two new towers. The first phase is planned to be an apartment tower with approximately 400 units and 400,000 square feet. Genesis Real Estate Group, based in Dallas, purchased the site from Austin-based Sutton Company.
Sutton also controls other large redevelopment sites in the vicinity (as shown in the above image). A site plan for a 3-tower, 1.4-million+ square foot project just north of the 90 Red River site called Waller Park Place was approved in May 2015 and existing buildings were demolished shortly thereafter. There has been no permit or construction activity on that site since then, and the site plan will expire in May 2018.
According to the Statesman report, current condominium unit owners accepted buyouts based on individual unit appraisals. Developers for the planned apartment tower will still need to navigate the City of Austin’s site plan approval process prior to breaking ground. As of the date of this post, no permit application have been filed with the City. Be sure to check back on BuildingATX.com as we follow the progress of this development.