Austin developer plans 37-story condo tower downtown

Feb 19, 2014
Austin American Statesman

More high-rise housing is envisioned for downtown Austin, with a local developer planning a 37-story tower at West Fifth Street and West Avenue that would bring 163 upscale condominiums to market


Riverside Resources is proposing to build the skyscraper at 718 West Fifth, a site that is slightly less than one-quarter of a city block at the northeast corner of Fifth and West, Nikelle Meade, an attorney for the developer, told the American-Statesman. Riverside Resources has a contract to buy the site from the Texas Press Association, which has its offices there, Meade said


The developer will ask the city of Austin for approval to build a project with 306,555 square feet – about 60,000 more than current rules would allow. The project is proceeding under the city’s new density bonus program, where developers can get additional square footage in their projects if it includes a community benefit


Meade said in this case, the developer would pay close to $1 million in exchange for the extra square footage, with at least half of that money earmarked for the city’s affordable housing fund


The tower would be the second condominium project to break ground following a hiatus of residential projects during the economic downturn. While several apartment towers are being built downtown, the only other condo project currently under construction is a 30-story tower being built as part of the Seaholm redevelopment along West Cesar Chavez Street. The 280 condos in that project went under reservation within a week’s time, a record for a downtown residential project


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