54-Story Residential Tower Headed for Avenue Lofts Site in Downtown Austin
https://austin.towers.net/54-story-r...wntown-austin/
A 54-story tower project bringing a whopping 644 new multifamily residences and approximately 20,000 square feet of ground-level restaurant space is now planned by local real estate firm Wilson Capital for the 0.8-acre Avenue Lofts condo site located at 410 East Fifth Street in downtown Austin, according to the latest permit activity from the developer — and with the demolition of the existing 38-unit residential building at the property already approved by the city’s Historic Landmark Commission earlier this year, the new tower plan could be moving forward soon.
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According to the latest permits, the project plans to participate in the Downtown Density Bonus Program to exceed its entitled floor area ratio of 8 to 1, with marketing materials for the site previously indicating a tower with a ratio of 25 to 1 is possible thanks to the site’s lack of other height restrictions. However, the presence of Brush Square next door could impose some design limitations on the building’s frontage due to the impact of the Downtown Parks Overlay — in any case, the building’s density bonus application process will most likely give us our first look at the new tower.