AUSTIN – (Realty News Report) – M2 Development Partners is planning a 64-story mixed-use development in downtown Austin, near the north shore of Lady Bird Lake.
The proposed project, projected to open in the third quarter of 2025, would deliver 250 hotel rooms, 150 condominium homes for sale, and 170 rental apartment units.
The tower is proposed for a 1.2-acre site at 80 Red River in the southeastern part of downtown Austin.
If completed as planned, the project would be the second-tallest building in Austin, slightly shorter than the 6X Guadalupe tower under construction at West Sixth and Guadalupe, according to a report by Shonda Novak of the Austin American-Statesman, which first reported the story.
The Austin real estate market is exceptionally hot as a number of California firms have relocated to the capital city, including Oracle Corp. which placed its headquarters in Austin last month. In East Austin, Tesla is quickly constructing a 5 million-SF auto plant. And Tesla CEO Elon Musk, who rivals Jeff Bezos as the richest man in the world, has moved his residence from California to Austin.
Other major developments are under construction near downtown’s Lady Bird Lake, also known as the Colorado River. Trammell Crow is developing an 800,000-SF office tower for Google on the north bank. Stream Realty Partners is building the River South tower, which will be anchored by the Baker Botts law firm. Awaiting redevelopment is the 19-acre Austin American-Statesman site on the southern bank of the lake, adjacent to the Congress Avenue bat bridge.
M2’s residential and hotel tower is in the design phase, according to managing principal Timothy Morris. The Skidmore, Owings & Merrill architecture firm is designing the building which – at 64 stories – is the same height as the landmark 64-story Williams Tower adjacent to the Galleria in Houston.
M2’s tower, projected to be 802 feet tall, will be located along Waller Creek, and it will offer unobstructed lake views. The area has been a prime spot for new high-rise residential development along Rainey Street.
The project is estimated to carry a price tag in excess of $500 million. M2 says it is in discussions with several potential equity partners.
The tower, if completed as planned, will contain about 1.1 million SF. In addition to the residences and hotel, plans call for 30,000 SF of meeting and banquet space, 10,000 SF of retail, a 550-space parking garage and a signature rooftop restaurant.
Currently, the tallest building in Austin is The Independent, a 58-story residential tower commonly called the “Jenga Tower.”
Jan. 29, 2021 Realty News Report Copyright 2021
File: 64-Story Austin Tower Proposed
Image: Skidmore Owings & Merrill. Courtesy M2 Development Partners
File: Austin development. Residential. 64-Story Austin Tower Proposed by M2 Development. Lady Bird Lake. The Independent. Jenga Tower. Elon Musk.