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Real Estate Forward

The Modern Austin Residences

Austin, Texas

56-story tower / 300 market-rate units / affordable unit component

ESTIMATED VALUE:
$550 million

LEAD ATTORNEY:

OTHER TEAM MEMBERS:

STATUS:
Construction started April 2022

OTHER INFORMATION:
modernaustinresidences.com

Winstead represented the developer of The Modern Austin Residences, a new 56-story building located in the Rainey Street District that will be a mixed-use development. The Modern Austin Residences will have 300 market-rate designer residences. It will also have 21 affordable housing residences available to those who earn 80 percent of the city’s median family income. In addition to providing new condominium options, the building will also have space on the ground level for businesses and entertainment space in its basement.

The development includes:

  • 19,000 sq. ft.
  • 300 market-rate homes, with floor plans ranging from 600 sq. ft. to over 5,000 sq. ft.
  • Fitness center and classes
  • Swimming pool
  • Spa
  • Outdoor theater
  • Indoor and outdoor owner’s lounges
  • Private dining areas

For this project, Winstead’s team represented the developer on all aspects related to the financing, construction, development, and sale of The Modern Austin Residences. We worked with our client to overcome any challenges that arose during the process. For instance, several floors were added to the building plan after the Austin City Council approved a variance to height restrictions in the city.

The Modern Austin Residences is one of the latest projects that Winstead has worked on in the Rainey Street District. This project will continue the enhancement of the district, from the addition of trees and bike lanes to the expansion of sidewalks. For Winstead, being part of the transformation of such an important and historic neighborhood has been a source of pride for the firm.