By now you might have read the breaking news that the Sutton Co. is proposing to build a three-tower complex (including a 65 story tower!) across the street from Iron Works BBQ, with a tower that would be taller than the Austonian.
What you may not realize yet is that Rainey Center, the dual tower project that was supposed to encompass up to 50 stories each, and include up to 1,000 apartments and condos, next door to the Lustre Pearl in Rainey Street, is dead as envisioned… BUT will be replaced by a new concept.
Wally Scott and Mac Pike – aka the Sutton Co. – have sold the 2-acre site to subsidiary of the Houston-based Dinerstein Companies. This information was buried in the last paragraph in a blockbuster story the Statesman published about a larger than life deal around the block.
According to information posted over at the SkyscraperPage forum, alleged to be taken from city records, Dinerstein is scrapping the dual tower concept for an eight-story mixed use building with an internal parking garage.
That’s a major let down, IMO. Austin has no shortage of squat beige buildings. Hopefully the new proposal will retain some ‘wow’ factor.
Maybe it just didn’t make sense from a traffic management standpoint to have that much of a draw right off the Cesar Chavez and I-35 access road, and in any case enables Sutton Co. to get capital for an even more inspiring, legacy project.
Still, once people start absorbing this information, it could instill a sense of skepticism about the Sutton Co.’s latest proposal. It wasn’t long ago – after all – that the Statesman broke news about the Rainey Center project (now Dinerstein is reducing the scope), just like it is doing now with the Waller Center project. Even the Statesman’s Shonda Novak — perennial cheerleader of Austin development — put a caveat in the first line her story about Waller Center of “if it happens”.
The details on the Waller Center project are as follows:
- $500 million project
- 3 acres at East Cesar Chavez and Red River streets near Waller Creek.
- Condos/Hotel tower – 65 floors
- Apartment tower – 35 to 45 floors
- Office tower – 17 to 20 floors
- Proposed groundbreaking – mid to late 2014.
We’d love to see this one happen and reflect the vision below. It would be a huge boon to downtown, specifically the Waller Creek District. Cheers to ambitious thinking.