Austin Set to Welcome Record-Height, 15-Story Residential Tower at Lamar and Airport Intersection
Austin is undergoing a monumental shift in its architectural landscape that could see the intersection of Lamar and Airport Boulevards hosting a 15-story residential tower. This proposal marks an all-time high in building size for this part of Central Austin, indicating a transformative vision for the region’s future.
Unprecedented Height for a Residential Development
This proposed construction comes courtesy of a renowned investor in Austin’s real estate market, Jimmy Nassour, who currently owns the 1.73-acre property earmarked for this development. The proposed development is set to hold approximately 350 residential units and be within stone’s throw distance of a train station, which is a crucial part of the Lamar/Justin TOD (Transit-Oriented Development) Station Area Plan.
Originally enacted in 2008, the goal of the Lamar/Justin TOD Station Area Plan was to encourage dense development in close proximity to the Crestview rail and bus station. However, this definition of ‘dense’ has evolved over time, and now, in the spirit of this plan, the developers are seeking a zoning change from the city to allow for increased height for this new construction.
A Significant Urban Development Boost
The currently proposed development marks a significant deviation from the district’s current base zoning height limit of 60 feet, necessitating a zoning allowance for extra height. The developers seek to offer affordable units as part of their bid to get the zoning change, a move in alignment with promoting residential growth along transit routes as envisaged in the Lamar/Justin TOD Plan.
Provided the zoning change gets approved, 25 percent of the building’s 350 units will be affordable homes ensuring inclusivity and affordable living. This translates to around 87 affordable homes that could cater to individuals or families earning no more than 60 percent of the median family income for rental units. For the building’s residences sold as condos, this threshold increases to 80 percent of the median family income.
More Than Just a Residential Tower
In addition to offering mixed-income housing, the proposal also outlines potential commercial space of about 100,000 square feet within the building. This means that the new building could serve as a commercial hub in addition to the residential units, contributing further to the region’s growth and development.
The 15-story building is set to redefine not only the height limits of the area but also its architectural landscape, presenting an opportunity for Mr. Nassour to create a landmark in itself. The proposed construction would visibly stand out and could potentially become a defining feature of the neighbourhood due to its towering height and significant size.
This project proposes a significant change to the architectural landscape of Austin, marking another monumental shift in the city’s rapid urban development. The upcoming residential tower at the intersection of Lamar and Airport Boulevards symbolizes the evolving narrative of Austin’s city life, setting new precedents, and pushing boundaries in the ever-dynamic real estate scene.
