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Report: 48-story condo tower planned near Rainey Street

The tower will be built on two adjacent tracts that span from 62 to 64 East Ave.

AUSTIN, Texas — A new 48-story residential tower is coming to the Rainey Street district of Downtown Austin, according to a report from KVUE's media partners at the Austin American-Statesman.

Pearlstone Partners plans to start construction next year on the tower, which will be built on two adjacent tracts that span from 62 to 64 East Ave. Pearlstone said the plans are still preliminary, but executives envision a tower with 48 stories and 245 condominium units. The company did note that those numbers "could very much change" as the design process moves forward.

The Statesman reports that Pearlstone will be required to go through the City of Austin's downtown density bonus program to achieve additional height and square footage for the project. Under the current timetable, the tower could break ground in 2023, with a targeted completion date in 2026.

This new project would be Pearlstone's third in the Rainey Street area, the Statesman reports. The company has developed several residential projects in Austin in recent years, and it currently has three condo projects under construction.

Among those is a 41-story high-rise in the Rainey Street area that will have 284 condo units at 84 East Avenue. Pearlstone has also completed its Natiivo Austin project in the same area, a 33-story hotel/condo tower with 249 units.

The company also plans to break ground in 2023 on a tower at 14th and Lavaca streets  that would have about 225 units, plus ground-level commercial space. The Statesman reports that other Pearlstone projects currently underway include the 115-unit Cascade project at 2500 Longview St., and the 200-unit Parkside at Mueller, located at 1701 Simond Ave.

To learn more, read the Statesman's full report.

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