An ambitious high-rise tower that is destined to become the city’s second-tallest building is on the horizon for downtown Austin, the developers told the American-Statesman.
The building, which could soar 50 stories and possibly higher, is planned for a 1.7-acre site at Third Street and West Avenue, just east of the former Seaholm Power Plant that is undergoing a major transformation. The new tower is expected to have 400 condominium units, up to 120,000 square feet of office space and 15,000 square feet of shops and restaurants, said the developers, Perry Lorenz and Larry Warshaw with Austin-based Constructive Ventures.
Construction is due to start in the fourth quarter of 2015, and will take 2 1/2 years to build. Construction costs are likely to top $200 million. Constructive Ventures’ partner in the project is Austin-based developer Aspen Heights, which is about to break ground on an apartment high-rise at Eighth and Nueces streets.