New Condo Tower Coming To Rainey Street District In Austin

AUSTIN, TEXAS — The Austin skyline is poised to change again with a new high-rise condominium tower planned for the Rainey Street district, developers revealed Wednesday.

Canada-based real estate developer Intracorp revealed plans for it s first Austin develoopment, a high-rise condo tower at 44 East Avenue in the Rainey Street district with a groundbreaking planned for spring 2020 and construction set to start in the fall of 2022. Intracorp officials disclosed the plans in a press advisory issued on Wednesday.

The structure is designed by renowned Austin architecture firm Page Architects, according to the advisory. The new residential development located on East Avenue on the corner of Cummings Street will be 51 stories tall at about 545 feet tall. At approximately 460,000 square feet in total, the tower will include approximately 330 for-sale residences, which will be a mix of efficiently designed 1- and 2-bedroom homes as well as larger 1-4 bedroom residences, and some impressive penthouse opportunities, officials said.

Approximately 3,000 square feet on the ground floor will also be available for retail/dining space. An on-location parking structure will include over 500 spaces for both tenants as well as some for the public, Intracorp officials noted. The company is headquartered in Vancouver, British Columbia, with offices in a handful of cities in the U.S. and Canada.

Intracorp officials described a methodical process in engaging highly regarded local firms to bring their considerable talents to the project, including the selection of Page as lead architect for the development with Larry Speck as Senior Principal. Page will also be leading interior design for the homes, officials noted. Michael Hsu Office of Architecture will handle the interior design for common area and amenity spaces, with Flintco, LLC providing pre-construction services, BIG RED DOG Engineering as civil engineer, dwg as landscape architect and Urbanspace for project sales and marketing.

Michael Hsu noted of the project design: "At the threshold of downtown, the design combines the richness of an urban experience with the elegance of the city’s beloved trail and water’s edge.”

News of the planned construction comes in the wake of Intracorp's recent announcement related to the launch of their new Austin office at 401 Congress Ave. led by Texas real estate veteran and Austinite, Brad Stein, who will lead the company’s operations in Texas.

“44 East Avenue offers the best of downtown lakefront living," Stein said. "It’s tucked away in the Rainey Street neighborhood, with Lady Bird Lake and the hike and bike trail literally steps from the front door. In addition to the location, the unobstructed views of the lake and downtown will make this a very unique Austin project.”

Beginning with this first project at 44 East Avenue, Intracorp "...is looking to establish themselves as committed, lasting partners within the Austin community," officials said in a prepared statement. To that end, the company revealed plans to continue working with local talent and businesses supporting Austin "...and look forward to working to uphold the culture and personality of the city in their projects to come," officials said.

Tony Kaleel, EVP Business Development at Intracorp., expressed enthusiasm about the company's entry into the Austin market: “We are very excited about our first project in the city. We couldn’t have asked for a better location than 44 East Avenue, or a better team of local experts to be working on it with us. We are already looking forward to continuing our dialogue with future potential partners in order to continue growing our pipeline of projects in Austin."

Company officials added the Austin project will reflect Intracorp's mission of "...building extraordinary homes in extraordinary locations." Other Intracorp projects include those in Vancouver, Seattle and Los Angeles. Officials expressed hope the planned condo tower in Austin will be the first of many future projects for them in Austin, expressing they were "...setting down roots in the community" while looking to become a long-term partner in the growth of the city.

“When looking for new cities to partner with, we look at everything that makes a place really liveable, added Don Forsgren, Intracorp President & CEO. "Are there jobs, opportunities on the horizon, is there a vibrant active community with a great lifestyle? From our first visit to Austin, we were immediately drawn to its entrepreneurial spirit. And now that we’re here, we are excited to deliver extraordinary homes to this great city, starting with 44 East Avenue.”

More information on Intracorp can be found online at www.intracorphomes.com.

About Intracorp (provided text):

Developing communities in six urban regions in North America, Intracorp has established itself as a real estate developer that delivers extraordinary experiences to homeowners. As one of North America’s largest developers of multi-family homes, Intracorp has delivered more than twenty-two thousand homes in 176 communities. Intracorp grew out of founder Joe Houssian’s first business venture Intrawest, which was founded in 1976. The company began as an urban residential real estate business which transformed into an internationally renowned resort and real estate development company credited with the success of several pre-eminent ski resorts, such as Whistler Blackcomb. Intracorp currently develops extraordinary communities in British Columbia, Ontario, Washington, California, and now Austin.

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>>> Rendering of planned condominium tower at 44 East Ave. courtesy of Intracorp