Major Rainey Street District Site Sells, Signals Potential For New Tower Development

Major Rainey Street District Site Sells, Signals Potential For New Tower Development

You can file this under “N” for “Not that surprising,” but news broke the other day about World Class Capital Group’s ‘eventual’ plans to develop a recently acquired site at 50 & 56 East Avenue.  We knew someone was gonna do it, and it might as well be the group already controlling some of the best downtown Austin development sites.

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No timeline has been announced, so we can presume Travis County services are there to stay for a little while longer, at least.

Although the site has partial view encumbrances to the west from Skyhouse Apartments and The Milago condos and to the south by Windsor on the Lake, the site does have several excellent vantage points, which combined with no height limitation we’re sure developers will take full advantage of when the time comes to build.

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The site was previously owned by Austin Travis County MHMR d/b/a Austin Travis County Integral Care and publicly available documents show a $6.3MM lien against the property from Falcon International Bank, so that’s at least the debt component of the purchase.

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The City of Austin currently owns the site across East Avenue (to the east), which is a half green, half poorly paved and mostly unused lot for the time being.

About amber gugino

Amber Gugino loves living downtown and has been an active board member of the The Shore Condo Owners Association, Downtown Austin Neighborhood Association and member of the Junior League of Austin. She adores her dog, Blog, and she learns something new about downtown Austin every day.

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