Apartment Project at RunTex Site Gets Green Light
By Camelia Bulea, Associate Editor
The Austin City Council has recently approved a zoning change that allows developers to move ahead with a six-story apartment project worth $35 million in downtown Austin. Phoenix-based Alliance Residential Co. plans to build about 220 luxury apartments on the 1.53-acre site that is currently occupied by a RunTex store near Lady Bird Lake, reports the Austin-American Statesman. Additionally, the project will include retail space, a public plaza and two levels of underground parking.
Back in May 2012, the Austin Business Journal reported that Alliance Residential submitted its conceptual plan to the city, but the project drew opposition from Save Town Lake—a group formed to protect the Lady Bird Lake waterfront from over-development. Those in opposition said the development, as proposed in the spring of this year, exceeded the 60-foot height limit specified in the city’s waterfront overlay ordinance.
According to the Statesman, the mixed-use project will be around 79 feet tall.
On the other hand, council members voting in favor of the project reckon that Alliance’s high-density development is a catalyst for the type of development the city envisions for the south downtown area.
The project could break ground in the spring of 2013.
In other news, a new mid-rise apartment tower could be erected just south of downtown Austin, according to YNN. In order to build the apartment tower, proponents argue that the Taco Cabana at South Lamar and Riverside Drive should be taken down, but restaurant owners say they plan to remain on that spot, adds the publication.
Photo rendering of Alliance’s Dakota Springs Apartments in Austin, courtesy of Alliance Residential Company.
For more news from Austin, click here.Tags: Development, economy, luxury