Austin | 5RR Residential/504 E. 5th/Carmelo's site) | 460' | 37 FLRS | Approved

[dilliam]

Originally Posted by agsatx88

The site plan for this one was resurrected from Expired to In Review after 3 months.

https://abc.austintexas.gov/public-searc...n=12736887&t_selected_propertyrsn=625274

Bless up

[clubtokyo]

Glad to see this moving forward!

[The ATX]

The site plan was approved & released today.

https://abc.austintexas.gov/public-searc...n=12736887&t_selected_propertyrsn=879074

[bobbywest87]

Originally Posted by The ATX

The site plan was approved & released today.

https://abc.austintexas.gov/public-searc...n=12736887&t_selected_propertyrsn=879074

Excited for this one!

[gabetx]

Awesome this one will be unique with its triangle shape! I am excited to see this going up.

[clubtokyo]

Heck yes! Love to see this one go up!

[The ATX]

It looks like this has been cancelled. From the ABJ:

Plans to build a 37-story apartment tower at East Fifth and Red River streets apparently have been canceled, with the roughly half-acre site now listed for sale.

Stonelake Capital Partners, which owns the property, didn't respond to requests for comment, nor did Jones Lang LaSalle, which has been retained to market it. The deal team consists of JLL Capital Markets’ Jeff Coddington, Joe Dowdle, Parker McCollum and George Carameros.

The tract is home to a surface parking lot and a historic building that once housed the old Carmelo’s Italian restaurant.

Stonelake bought the property at a 2020 foreclosure auction and showcased its potential in 2021, when it unveiled plans for a 37-story apartment tower that would have had shops on the ground floor. Before Stonelake, Nate Paul's World Class Capital owned the site and also boasted about a plan to take the property

https://www.bizjournals.com/austin/news/...ustin-sale-stonelake-carmelos-tower.html

[bobbywest87]

Aww man, and this one had such a cool shape.

[atxsnail]

It's weird that this was on the Design Commission Jan 27 meeting agenda if the project was dead anyway. What was the purpose of bringing it back up?

https://www.austintexas.gov/cityclerk/boards_commissions/meetings/22_1.htm

[The ATX]

Originally Posted by atxsnail

It's weird that this was on the Design Commission Jan 27 meeting agenda if the project was dead anyway. What was the purpose of bringing it back up?

https://www.austintexas.gov/cityclerk/boards_commissions/meetings/22_1.htm

It wasn't brought up again for discussion. If you noticed, there were three other completed projects listed as well. The DC just posted their previously approved Density Bonus notifications for the projects. But I don't know why they do this so far after the fact sometimes.

[gillynova]

Dang, I totally forgot about this one. Would've been really nice but hopefully something new comes soon with a nicer design

[The ATX]

I thought this was one of the better designed proposals - not a square or rectangel.

Originally Posted by kingkirbythe....

Here’s Our First Look at the Apartment Tower Headed for Fifth and Red River

https://austin.towers.net/heres-our-firs...nt-tower-headed-for-fifth-and-red-river/

The 37-floor downtown Austin apartment tower planned for the corner of East Fifth and Red River Streets by local real estate developer Stonelake Capital Partners heads to the City of Austin’s Design Commission for a review of its density bonus application on Monday next week — but since we try our best to stay on the ball around here for the sake of our beloved readers, we’ve got an early look at the tower for you, which at the moment is going by the working name 5th + Red River.









Still more renders.

[Bblasa]

506 west is still the best proposed tower imo so if we have to lose some others to keep that I’m down for the ride

[Urbannizer]

This one was very close to getting out of the ground.

[Urbannizer]

This one may be back from the dead:

https://x.com/theatx1/status/2066942734196183069?s=46&t=3S8HC_afKAMHVCgfx518rg

[Croon]

As if Bank One Tower 1980s era and Nokonah Lofts had a baby!

[Urbannizer]

Austin developer keeps 37-story tower plans alive after buying downtown site

High-rise redevelopment plans for a downtown Austin site are still alive after the property changed hands earlier this year.

Austin-based Riverside purchased 504 E. 5th St., a roughly half-acre downtown Austin site a block north of the under-construction Austin Convention Center, from Dallas-based Stonelake Capital Partners in March, according to Travis Central Appraisal District. The property is developed with a surface parking lot and historic former restaurant building, and Stonelake had plans to take the property sky-high with a 37-floor multifamily tower.

Dirt never turned at the site after Stonelake unveiled its plans, and as early as February 2025 the developer was marketing the property for sale. And though a Riverside representative said it has no immediate development plans for the site, the new owner is keeping Stonelake’s vision for the property alive after applying for a one-year site plan extension for the previous owner's plans.

A site plan permit for the redevelopment was approved on Aug. 4, 2023, and was set to expire on Aug. 4, 2026. On June 6, months after the property traded hands, Riverside filed a request to extend that site plan permit by one year to Aug. 4, 2027. The extension request is still under review and has not been approved.

That means that while Riverside has no immediate plans to develop the site, it could still build the 37-story, 321,867-square-foot high-rise Stonelake originally intended to.

[the Genral]

Maybe Austin isn't ready, but we don't have a building color like The Red in Chicago. As it is, the color of this is conservative, polite, and blendinable.