44-STORY APART­MENT TOWER SET FOR DOWN­TOWN

Sul­li­van’s Steak­house would be de­mol­ished, re­turn in new project.

Austin American-Statesman - - FRONT PAGE - By Shonda No­vak sno­vak@states­man.com

De­vel­op­ers plan­ning a high­rise apart­ment tower in down­town Austin have filed for a per­mit with the city to de­mol­ish the ex­ist­ing Sul­li­van’s Steak­house restau­rant on the site. How­ever, Sul­li­van’s is ex­pected to be part of the new project.

The high-rise is be­ing planned for one-fourth of a block at 300 Colorado St. The de­vel­op­ers are Austin-based River­side Re­sources and Iron­wood Real Es­tate, a real es­tate in­vest­ment firm based in Austin. The de­vel­op­ers have filed a de­mo­li­tion per­mit Mon­day for the 11,816-square-foot restau­rant.

Jake Wise, gen­eral man­ager for the Austin Sul­li­van’s Steak­house, said the restau­rant will re­main open through the end of the year. He said Sul­li­van’s will be part of the new project once it opens.

“We’re go­ing to have a restau­rant in the new build­ing,” Wise said.

The Sul­li­van’s Steak­house chain is owned by South­lake-based Del Frisco’s Restau­rant Group, which also op­er­ates the Del Frisco’s Dou­ble Ea­gle Steak house and Del Frisco’s Grille brands.

The pro­posed high-rise is re­ferred to in city doc­u­ments as 3rd and Colorado Res­i­den­tial, but it does not yet have an of­fi­cial name. It is pro­posed for the north­west cor­ner of West Third and Colorado streets.

Re­vised plans for the tower now call for it to have more height and more apart­ment units. Pre­lim­i­nary plans filed with the city in the fall had en­vi­sioned a tower with 39 sto­ries, 295 apart­ments, a park­ing garage and a restau­rant with an out­door din­ing area.

The tower is now planned for 44 sto­ries, with 315 rental units, said Michael Whel­lan, an Austin at­tor­ney rep­re­sent­ing the de­vel­op­ers. No zon­ing change will be re­quired to build the project, Whel­lan said.

There is no word from de­vel­op­ers on a pro­jected start or com-

ple­tion date, es­ti­mated con­struc­tion cost or the sta­tus of fi­nanc­ing.

The build­ing would have about 329,000 square feet of space, in­clud­ing 8,700 square feet of street-level re­tail/restau­rant space, ac­cord­ing to the de­vel­op­ers.

De­vel­op­ers would pay a park­land ded­i­ca­tion fee of $338,703.75, a city doc­u­ment shows. They also would pay al­most $2.9 mil­lion into the city’s af­ford­able hous­ing trust fund, de­vel­op­ers said.

Once com­pleted, the prop­erty is ex­pected to gen­er­ate about $3.5 mil­lion a year in tax rev­enue, Whel­lan said.

Ac­cord­ing to the de­vel­op­ers, the 300 Colorado land is owned by Austin 3C Ven­ture LP, an en­tity af­fil­i­ated with River­side Re­sources. The Travis Cen­tral Ap­praisal Dis­trict val­ued the prop­erty at $6.24 mil­lion this year.

River­side Re­sources cur­rently has a 39-story lux­ury con­do­minium project un­der con­struc­tion at West Fifth Street and West Av­enue in down­town Austin.

In its July 24 meet­ing, the city’s De­sign Com­mis­sion found that the project as pro­posed “sub­stan­tially com­plies” with the city’s ur­ban de­sign guide­lines, said Bart What­ley, a mem­ber of the com­mis­sion, an ad­vi­sory group to the Austin City Coun­cil.

How­ever, that find­ing is not meant to be an en­dorse­ment of the pro­posed project, nor of the de­mo­li­tion of the nearly cen­tury-old ex­ist­ing build­ing in the Ware­house Dis­trict, What­ley said.

“We do have con­cerns that cen­ter on the po­ten­tial his­toric sig­nif­i­cance of the ex­ist­ing build­ing,” the De­sign Com­mis­sion said in its find­ings. “Re­search has in­di­cated that the build­ing is con­sid­er­ably older than in­di­cated by the ap­pli­cant. The His­toric Preser­va­tion Of­fice has con­cluded that the build­ing is ap­prox­i­mately 92 years old and has a rich his­tory.

“Given this, and the (Down­town Austin Plan) pri­or­ity, it should be made clear that our con­clu­sion of sub­stan­tial com­pli­ance with the Ur­ban De­sign Guide­lines does not ad­vo­cate that we sup­port the de­mo­li­tion of the ex­ist­ing build­ing. We would de­fer this de­ci­sion to the rec­om­men­da­tion of the His­toric Land­mark Com­mis­sion.”

CON­TRIB­UTED BY GDA AR­CHI­TECTS

An artist’s ren­di­tion shows a 44-story apart­ment tower planned for one-fourth of a block at 300 Colorado St. in down­town Austin. The tower would in­clude 315 rental units.

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