A 0.5702-acre parcel (24,840ft) development site in Downtown Austin’s Rainey Street neighborhood has been placed under contract. The site, 68-74 Rainey Street, is owned by Equity Secured Capital LP and comes with an asking price of of $2.5MM. It consists of three adjacent lots, one is double size, so the total Rainey Street frontage is equivalent to nearly four lots. At first glance, it doesn’t appear that power-line easements or Waterfront Overlay District create any encumbrances. Survey of the site after the jump.
The buyer likely has a feasibility option, and could be contemplating making a request for a variance from the Convention Center Overlay to allow surface parking. The site is zoned CBD “Central Business District”.
The two year old trend to convert Rainey Street’s old single family bungalows into lounges/restaurants has been welcomed by the neighborhood, though it has created new parking and compatibility issues. This is the first new high-rise development site in play in recent years.
The highest-and-best-use of this site would include ground floor retail, multiple levels of parking including parking available to the neighborhood, and topped off with a residential/hotel component. Adjacent to the south, the City has a large corner lot at River Street and Rainey Street.