43-story tower tops out in Rainey Street District
A 43-story residential tower called 700 River is topping out in downtown’s rapidly transforming Rainey Street District.
The 377-unit apartment tower, at Rainey and River streets, has reached its maximum height of 500 feet. It is on track to open to its first residents in the fall. Rental rates have not been announced.
A topping out is a tradition that marks the completion of construction milestones. Traditionally, it occurs when the final structural beam is raised into place, completing the building’s frame.
The 700 River high-rise is being developed by Trammell Crow Co.’s residential subsidiary, High Street Residential, along with River Street Partners and BDT & MSD Partners, an investment firm that invests on behalf of Dell Technologies founder and CEO Michael Dell and his family and other investors.
The tower “will provide an escape from the city, with its scenic views, convenient access to lakeside trails, and a range of wellness-focused amenities,” said Matteo Pacifici of High Street Residential. “The property will deliver a world-class cosmopolitan experience.”
It will include a mix of studio to three-bedroom apartments, in addition to a limited number of penthouse units, all with unobstructed views of Lady Bird Lake. Residents of the tower will have access to more than 30,000 square feet of private on-site amenities as well as close proximity to the Butler Hike and Bike Trail.
The project is part of a wave of growth in the Rainey Street District, an area just off East Cesar Chavez Street and Interstate 35 that is known for its bars and restaurants. The former working-class district has seen successive surges of high-rise residential, hotel and other commercial development since the city rezoned it for high-density uses in the mid-2000s.
Two other mega high-rises are under construction on Rainey Street:
Paseo, a 48-story downtown apartment h tower is under construction at 80 Rainey St. It will have 557 apartments, amenities for residents across multiple floors, and several food and beverage venues on the ground floor. The building is due to open in late 2025.
The Modern, a 56-story residential h tower at 610 Davis St. will feature one- to five-bedroom homes with prices from $600,000 to more than $15 million, according to the developer’s website. The Modern is being developed by Kevin Burns, an Austin real estate broker who specializes in downtown condo sales and development.
Although downtown’s office market has languished as remote work has taken hold since the coronavirus pandemic, people still want to live in the center of the action, and that’s keeping downtown’s housing, retail and restaurant sectors bustling, Burns said.
“With interest rates expected to fall and strong population/job growth, I am quite optimistic that the downtown Austin condo market will see a solid year of sales and appreciation in 2024,” Burns said. “This is following a subpar year of sales in 2023 due to global market issues and high interest rates.”
Meanwhile, at least six other towers in the Rainey area are in various stage of construction. They include Vesper, at 84 East Ave. The 41-story project is due to be completed this year. The building will have 284 condos.