A couple of weeks ago we discovered this Rainey Street development site was placed under contract. Asking price was $2.4MM for the 0.57-acre parcel (24,840ft) assembled from three contiguous single family lots.
Thanks to a tip from Downtown Austin Blog reader Austin Talley [Austin is a rare downtown resident who owns and lives in a single family home in the Rainey Street neighborhood] there appears to be geotechnical survey truck on the 68-74 Rainey Street property today taking core samples.
Austin, who is an engineer, shared with us “… geotechnical engineering studies are primarily done to investigate subsurface conditions to assist with engineering design for a large scale building or other large projects. The previous times I saw a geotechnical truck in the Rainey area the Legacy, Shore, and Milago were later built on the sites. It is likely that an architectural firm has been engaged for the site if they are doing a geotechnical engineering site study. In short this is a sign that money is being spent on a project to build a structure on the site.”