Here's how a new high-rise planned for Rainey Street plans to 'maintain the spirit' of the plot's existing bungalows – Austin American-Statesman

An Austin-based development company plans to build a 49-story tower that would have more than 600 apartments, along with bars and restaurants, adding to the boom in the Rainey Street district on downtown Austin’s southeast side.
Lincoln Ventures, a student housing and multifamily developer, said its planned mixed-use tower would be bult at 80 Rainey St. The site currently houses two bungalows, including one with a bar called Reina. Both bungalows will be preserved, Lincoln Ventures said.
Lincoln Ventures said the tower would have 644 rental units. The company plans to break ground next summer, with an estimated completion date in the summer of 2025.
The tower has not yet been named; for now, Lincoln is referring to it by its address, 80 Rainey.
Lincoln Ventures has not provided an estimated cost for the project, saying that information is confidential.
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Pawel Hardej, Lincoln Ventures’ executive vice president of multifamily development, said Monday that the company is in preliminary discussions with prospective sources regarding a construction loan, and plans to finalize the lender in the first quarter of 2022.
The site will bring together properties between 78 Rainey St. and 84 Rainey St., whose two existing bungalows will be preserved “to maintain the spirit of the Rainey Street District,”  Lincoln Ventures said in a written statement.
The company said Reina will be preserved, and the other bungalow at 84 Rainey will be converted from an office into a cocktail lounge. 
“The old bungalows, locally run bars and pedestrian-friendly streets are what make Rainey Street a special and desirable destination, so it’s our intent to maintain the vibrancy and unique character of this area and build upon it,” David Kanne, CEO of Lincoln Ventures, said in a written statement. “We will also maintain the character of Rainey Street by bringing in local Austin artists to design public art pieces and will place new, oversized trees along the public parkway section along the entire façade of the building.”
The tower’s retail space on the ground and second floors will have several food and beverage options, as well as an outlet that will serve coffee during the day and cocktails at night. Another retail space will be a publicly accessible pool deck and bar on the 11th floor.
The apartments will include about 20 units that will be earmarked for housing at below-market rates, according to the developer.
Units in the building will range in size from studios to units with one, two and three bedrooms.
Lincoln Ventures said the project could provide space for up to seven food and beverage venues within the boundaries of its development, including the two bungalows. 
The Rainey Street area, one of downtown’s oldest neighborhoods, once was home to modest bungalows that remained in the hands of families for decades.
In the past 15 years, the area has transformed with successsive surges of new development after the city rezoned it for denser development like the rest of downtown.
The area now teems with high-rise condo and apartment towers, bars, restaurants and hotels, including the Hotel Van Zandt and a 14-story Cambria Hotel at 68 East Ave. that just broke ground.
A number of residential towers are under construction in the Rainey Street district, including some that are almost complete like the 44 East condo high-rise, and  Natiivo, a hybrid hotel/condo project. More residential and mixed-use towers are planned
One of those is a 64-story tower that could become Austin’s second tallest high-rise. The developer planning that $540 million project is M2 Development Partners, an international real estate development and investment company.
In January, M2 officials told the Statesman that the project, to be at 80 Red River St., would have a hotel, apartments and condominiums, and that the company was aiming for April for a projected groundbreaking.
In September, Natiivo’s developers said their 33-story project has outperformed sales projections, with all 248 units selling out ahead of schedule.
Intracorp, the developer of the 44 East Ave. project, also recently announced the sellout of all 309 units in the 49-story condo tower.
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The newest player in the Rainey Street mix, Lincoln Ventures, is best known for its student housing developments in Austin: The Ruckus, the Ruckus 2.0, Moontower and Waterloo.
The company is set to close on another mixed-use multifamily property in Austin later this year — a five-story building at 2700 E. Fifth St. that will have 479 units.
Since its founding in 2012, Lincoln Ventures has expanded the business to include student housing, multifamily, mixed-use and office assets in excess of $1.2 billion.
The company recently breaking ground on a 24-story, 326-unit multifamily development in the arts district in downtown Phoenix.

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