The new buzzword for Austin’s Rainey Street District could be “Tower Power”.
On November 23, Austin-based Pearlstone Partners and New York City’s ATCO Properties and Management unveiled plans for a 41-story condominium tower at 84 East Ave. This project will join these other skyscrapers that are in the works in Rainey Street District:
The 33-story Natiivo Apartment Tower on 48 East Ave.
A 53-story apartment and hotel tower at 90 and 92 Rainey Street
A 49-story apartment tower on 44 East Ave.
The 48-story River Street Residences jut out at 61 Rainey Street, 69 Rainey Street, and East Ave.
Collectively, these projects will bring hundreds of apartments, condominiums, and hotel rooms to the increasingly dense and bustling Rainey Street district that was once a sleepy residential area near I-35 and East Cesar Chavez Street.
Pearlstone and ATCO plan to lay the foundation stone for their nearly 348,000 square foot condominium tower in the second quarter of 2021. Completion is planned for the end of 2023. The project, now informally known as The East Tower, will include 284 condos with an average size of 975 square feet. Most condos cost between $ 499,000 and $ 999,000.
The tower’s amenities include a rooftop clubhouse. Sky deck pool, cabana, outdoor kitchen, fireplace and lounge, fitness center with private spin and yoga studios, dog park, coworking space on the ground floor and public art gallery.
The two-story, 10,000-square-meter Rainey’s Backyard and later the Phoenician Resto Cafe was located on the site of the new tower. The Mediterranean restaurant has moved to 2909 Guadalupe Street, where it now functions as the Kabobzi Mediterranean Grill.