The Comprehensive Newsletter Focused Solely on the Rainey District - so You Can Stay Informed!
Update reported by Austin.Towers.net on 12.14.19
Earlier this year saw the announcement of a mixed-use tower in the rapidly-rising Rainey Street District by local developer and Urbanspace CEO Kevin Burns, but since that news broke back in March we haven’t heard much else about the project — described at the time as a hotel, residential, and retail building with 50-odd stories headed for the corner of Davis and Rainey Streets atop an approximately 0.37-acre assembly including 90 and 92 Rainey Street, addresses currently home to respective drinking establishments Container Bar and Bungalow.
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The tower, currently only named using its two addresses, is up for discussion at this Monday’s meeting of the City of Austin Design Commission, which will evaluate the building’s adherence to the city’s Urban Design Guidelines — and, as you know if you’ve followed this rodeo before, compliance with those guidelines is a gatekeeper requirement for inclusion in the city’s Downtown Density Bonus Program, which will enable the 90-92 tower to rise as tall as the developers would prefer it to with a current proposed floor-to-area ratio of 36.7:1.
We won’t find out the finer points of the Commission’s take on the building until Monday, but for now, the presentation documents for the upcoming meeting provide us with a better view of the tower than ever before — not to mention more specific details about its height, which has risen to 53 floors (606 feet total) from a previously described count of 51. That makes it one of the tallest towers proposed in the district, and certainly a game-changer for the skyline in the north end of the Rainey area.
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Full Article HERE
Reported by Austin Business Journal on 3.7.19
A 51-story tower is proposed at 90-92 Rainey St., where Container Bar and Bungalow now stand. The tower will include 290 apartments and a 293-room hotel, said developer Kevin Burns, who is also the founder and CEO of Urbanspace Real Estate + Interiors.
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Burns hopes the tower would be a new home for the bars — he said Container Bar would move into the ground floor of the tower, and Bungalow would have a spot on the second floor.
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Burns plans to develop the property himself, at least for now. "I own the land," he said, adding he has a "very modest loan" but that he would "be able to get this project fully entitled on my own." Down the road, Burns said he will bring on an equity partner and a hotel partner.
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Burns said he doesn't expect construction to start until at least 2021. He said he wants his project to deliver near the same time as WeWork's forthcoming office tower at Red River and East Cesar Chavez streets a stone's throw away.
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Burns said WeWork is planning a tower of nearly 1 million square feet, though WeWork hasn't released any details on its plans yet. "With the evolution of Waller Creek, I think this district is really going to be a shining star for Austin," Burns said. The hotel is a no-brainer based on its proximity to the convention center for weekday traffic and being on Rainey Street for the nightlife and weekend activities, he said.
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For-rent apartments and a hotel are the best use of the property, Burns said, adding apartments and hotels don't require as much parking as for-sale condominium units. He's planning a four-level underground parking garage.
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Burns said he's proposing to improve the pedestrian experience on Rainey Street by expanding sidewalks and adding trees and bicycle lanes on his block. He said his project will have an affordable-housing component.
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Burns said he bought 90 and 92 Rainy St. in 2006 with plans to build a six-unit townhouse development. He soon nixed his plans when the real estate market tanked and bar owner Bridget Dunlap contacted him about building Container Bar. Dunlap couldn’t be reached for comment.
According to the Travis Central Appraisal District, both parcels are appraised for a total of about $2 million.
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