AUSTIN, Texas — Construction on a new skyscraper in Downtown Austin's Rainey Street area is expected to start in the next few months and, according to KVUE's news partners at the Austin American-Statesman, the tower would become the tallest in Austin and maybe the entire state.
The report states that Lincoln Property Co. and Kairoi Residential are developing the 74-story building, which will be located at 98 Red River St.
The Statesman reports that the building will consist of 352 apartments, 686,000 square feet of office space and a 251-room hotel. The hotel brand has not yet been publicly revealed.
The project has also not been officially named yet, but more details are expected to be released in the coming weeks.
The senior vice president with Lincoln Property Co. told the Statesman that developers are negotiating a construction loan, but he declined to discuss additional financing details or an estimated price tag for the tower. However, a filing with the Texas Department of Licensing and Regulation uncovered by the Statesman lists the project's estimated cost at $520 million.
The total height of the tower has also not been unveiled, however, an engineer involved in the project has said it would be over 1,000 feet tall.
According to the report, the tower still needs a building permit from the City of Austin before developers can break ground.
To read the full report, click here.
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