A 44-story residential tower that’s being proposed for 300 Colorado Street got recent approval from Austin’s Design Commission.
The project, if it moves forward, would rise 518 feet and include 315 luxury apartment units. Because the warehouse district site is currently occupied by an 80-year old brick building, the Historic Landmark Commission will consider the proposal next. Sullivan’s Steakhouse currently operates on the site.
There have been some proposals to incorporate some of the existing building into the ground floor of the new tower.
Michael Whellan, representing developer Riverside Resources (doing business on this project as “Austin 3C Venture LP”), said the developers chose to pay $2.8 million to the city’s affordable housing trust to increase the floor-to-area ratio, Community Impact reported. That’s a route other developers participating in the city’s density bonus program have also chosen.
As a result, the building will have a floor-to-area ratio of 25:1, which Whelan said would give it more than 280,000 square feet than what would have previously been approved for that land.
“This might be the [densest] building you have downtown,” Whellan said. “It’s pretty remarkable, and I think it’s exactly what the program was meant to promote.”