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. [Read more…] about Large Rainey Street Development Site Under Contract
Two Units At Milago, Two Buyers Will Go Home Happy
An owner at Milago is trying to fire-sale two 2bd/2ba units. This is a great opportunity for anyone who wants in on the burgeoning Rainey Street and Waterfront District.
Unit 423 – northwest corner unit with a great floor plan – was just this afternoon reduced by $40,000 to $305,000! The other, unit #604, has a lake view and was also reduced by the same amount.
Interesting fact, #423 last sold for $382,500.
Jump on this, I’m predicting both will be pending by the weekend. If interested, contact me.
Town Market: A New Bodega On Rainey Street
Town Market has opened below the Legacy apartments on Rainey Street. It’s a unique space. Leasing a live/work unit on the ground floor of this downtown Austin apartment tower, Town Market is a two story affair with wine, coffee, sandwiches on the ground floor and dry goods on the second floor. The Town Market concept comes from the same people who brought you Cissi’s on South Congress.
The store is 50 paces from the Hike and Bike trail, so I expect they will do well during breakfast and the early evening hours. The Rainey Street District has one of the highest residential concentrations in Austin, and Town Market is a welcome addition to the downtown Austin neighborhood.
Hours: Monday – Saturday 8am-8pm, Sunday 8am-6pm
Google Map: 43 Rainey Street, Austin, TX 78701
Bars On Rainey Street
Click here for more recent DAB articles covering the Rainey Street neighborhood.
Over the weekend I was walking down Rainey Street and decided to collect photos of the explosion of TABC application permits. It’s worth pointing out again our belief that downtown Austin has an “over saturation of bars” to quote Tom Stacy at today’s RECA luncheon. Single nighttime only uses would be short sighted, and will fail to tap into the consumer demands of the 858+ residences in the Rainey Street neighborhood. Of course, TABC application posts do not indicate that the venue will just be a bar – the venue is just as likely to be a restaurant or cafe.
Below is a complete list of burgeoning Rainey Street venues. DAB readers, please use the comments to fill in any details you know about these venues.
[Link to recent Statesman article]
85 Rainey Street
90 Rainey Street
96 Rainey Street
under construction (link)
97 Rainey Street
open for business
609 Davis Street
application + under construction
Rainey Street: Right Place Right Time
The Statesman gets the details on the evolving Rainey Street district. As DAB reported on Lustre Pearl and Clive Bar, Lustre Pearl sets just the right tone for the unique tree lined street with CBD zoned bungalow homes. The opportunity on Rainey Street is for more diverse uses including restaurants and coffee shops that leverage the charm of the street. This make sense in a down real estate market. There is little likelihood of any major building taking advantage of the CBD zoning within the next five years. Now, property owners have incentive to lease the properties to entrepreneurs like Bridget Dunlap who will rehab the existing structure and make the neighborhood more desirable.
I’m most looking forward to “96” – “In October, Dunlap plans to open 96, as in 96 Rainey St., across the street from Lustre Pearl in another 1907 house. It will serve beer, wine, coffee, pizza and other items.”