[KevinFromTexas]

http://www.statesman.com/business/st...ZhqpLgpONXWIL/

40-story apartment tower set for downtown Austin’s eastern edge

Shonda Novak American-Statesman Staff
5:30 p.m Tuesday, July 11, 2017

The sale of a 58-unit condo project overlooking Lady Bird Lake is now final, paving the way for more high-rise residential development in the Rainey Street area on downtown Austin’s eastern edge.

More than 80 percent of the owners of the decades-old Villas on Town Lake condominiums — the statutory requirement for a sale to occur — agreed to sell their units at the 2.3-acre waterfront property, which is tucked at the foot of Red River Street adjacent to the hike-and-bike trail.

Preliminary plans for the first phase call for a tower of about 40 stories with approximately 400 apartments, Ip said. A second tower would be timed to market demand, Ip said.

Genesis will be required to get a site plan approved by the city of Austin before starting construction. Ip estimated it could be sometime next year before the project breaks ground. The cost of the project has not been determined, and Genesis will have to obtain construction financing.