Lincoln Ventures ceo David Kanne and renderings of the project at 80 Rainey Street in Austin (LV Collective)
Lincoln Ventures plans to reduce the number of units in its $240 million residential high rise that’s under construction on historic Rainey Street in Austin.
The Austin-based development company last year announced plans for 49 stories and 644 residential units, plus bars and restaurants on the ground levels. But the project scope has been reduced to 48 stories and 557 apartments, according to the most recent plans filed with the Texas Department of Licensing and Regulation.
Lincoln Ventures, known primarily as an investor in the student housing market, has not returned calls seeking comment about the 87-unit reduction. No changes have been announced regarding the commercial spaces or building amenities.
The 800,000-square-foot tower will include studios and one-, two- and three-bedroom units, about 20 of which will be set aside for affordable housing. It will have a rooftop pool, private bar and lounge, fitness center and coworking spaces. Rent prices have not yet been released.
“It is our intent to add to Rainey and not take away from its charm as so many projects have,” David Kanne, CEO of Lincoln Ventures, stated on the company’s website. “Rainey’s success is in part due to the bungalows that characterize the street, and as Austinites we know that we need to maintain these iconic buildings.”
JE Dunn is handling construction and Pappageorge Haymes Partners is designing the building, which is slated to open by 2025.
Rainey Street Historic District is a nationally recognized residential block that is quickly becoming a hub for luxury condo and hotel towers. Alongside 80 Rainey street, two more high-rise buildings are on the verge of completion on the street’s south end.
Nearby, in downtown Austin, another mixed-use building, called 98 Red River, is underway at the corner of East Cesar Chavez and Red River streets. Plans for the 2.3 million-square-foot skyscraper include a 240-unit hotel, 700,000 square feet of office space, 332 residences and 43,000 square feet of retail.
A 14-story Cambria Hotel and a 56-story multifamily high rise at 90 Rainey street is also planned. A number of bars and restaurants have closed on Rainey in the last year to make way for the new construction.
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