Manifold Real Estate is moving forward with plans for two residential towers in downtown Austin.
The proposed development calls for a total of 726 units, 6,200 square feet of retail space, a 216-key hotel and an eight-story parking podium adjoining the two structures at the corner of East Third Street and San Jacinto Boulevard, Towers reported.
The project, called Block 32, would be delivered in two phases. The city’s Design Commission will review Manifold’s proposal next week. If approved, the project would comprise 41- and 55-story buildings, totalling 884,000 square feet. The 35,000-square-foot lot is one block from the Austin Convention Center.
Block 32 could qualify for Austin’s downtown density bonus program, which allows developers to exceed limits on height and density as long as they meet certain criteria, such as affordable housing and sustainability components.
While many multifamily developers are putting projects on the back burner until lending thaws, interest rates come down and market conditions recover more broadly, Manifold remains bullish on Block 32.
The firm is also at the helm of several office projects in the downtown area, including the 740,000-square-foot Block 16, according to its website.
—Quinn Donoghue
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