[UPDATE 01/11/15: 70 Rainey To Be Condos]
Details are emerging for Riverside Resources’ planned multi-use tower at 70 Rainey St. across from the MACC.
The firm, which also developed The Whitley and The Crescent, has filed an administrative site plan application to construct 182 multifamily units, and another 3,600 square feet of ground level restaurant and retail space.
The 70 Rainey development, which encompasses the lots between 66-72 Rainey Street, was pursuing incorporating the City owned 64 Rainey Street into their plan, but the neighboring MACC lobbied City Hall last fall to get the land instead.
Initially, the 70 Rainey development, which would share the same alley used by the Shore Condos,
and is being financed through Ft. Worth-based Kelly Capital Partners [UPDATE: Kelly Capital Partners is an equity holder, but is not financing the project], was pegged at 31-stories if it could include the 64 Rainey lot.
But until this site plan is approved, and we get some elevations, or something is leaked to the press, we won’t know how many stories this 182-unit project will have.
We can use the Shore condos as a reference, which has 192 units, and is only 22 stories. The sites share a similarly sized footprint and orientation (north-south), so we are probably looking at buildings of comparable dimensions. Accounting for the restaurant/retail on the ground level, I’m going to guess this one ends up around ~25 stories.
***Based on the site clearing I’ve seen over the past week, it looks like multiple food trailers are setting up to use the 70 Rainey Street site as a temporary home until site plan is approved and Riverside is ready to build. (Looks like it’s the United Nations of Food (?) from 95 Rainey Street, making way for the Sutton project)