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.”
Thanks, Austin!
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How do you see the Rainy St. development affecting Milago and The Shore condo prices in the short and long term? Curious for your thoughts on this.
Depends on the use and quality of product. In the short run, a new [for sale] condominium high-rise in the neighborhood would be free advertising for condo sales in the other buildings. It would affirm the desirability of ownership in the neighborhood and bolster pricing.
In the medium run, adding [for rent] apartment inventory could help slow growth in downtown rental rates – to the chagrin of some investment owners in neighboring buildings.
In the long run, more people and more destinations will yield a more dynamic mixed-use neighborhood. That’s a broad economic positive for Rainey Street and downtown Austin.
Call a title company friend . . . see what deeds or deeds of trust have been filed for the property . .. might give an indication of what is happening . . .
I remember reading on the city’s emerging projects list that there was a “highrise” planned for 68 Rainey Street. That was listed as late as June of last year.
You can see the listing at the link below. Scroll down to R61.
http://www.ci.austin.tx.us/downtown/downloads/ep_data_0610.pdf
I saw one guy wearing a COA hardhat along with an earth mover there this morning as I was going north on that little paved alleyway backing Rainey.