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TRAMMEL CROW 9/14/07 9:20 AM Page 170

High Street Residential is developing The
Shore, a 22-story luxury condominium.

Revitalizing Rainey Street

The Shore – a mixed-use development in the Rainey Street neighborhood of Austin, Texas – is one of
many urban infill projects in the area. The development, which will wrap up in 2008, is almost sold out.
By Brian Salgado center, will have 192 units ranging in size from 500 to 1,600

F or more than 20 years, the Rainey Street neighbor-

hood of Austin, Texas, was an underdeveloped area
on the south side of Town Lake that didn’t have much
upside. But once the city of Austin rezoned the area, num-
erous developers bought the land there to cash in on the
square feet and priced from $150,000 to $1.3 million. Con-
struction of the $45 million project started in September
2006 and is expected to last until July 2008, and residents
will begin moving occupancy in March 2008. Fowler says
all but four of the units have already been sold.
inevitable revitalization of the neighborhood.
Trammell Crow Co., a worldwide development and Sharing a Site
investment firm with headquarters in Dallas, jumped on The Shore construction team will soon be sharing space
the opportunity with The Shore, a 22-story luxury condo- with a team from JMI Realty, which is in the planning
minium development orchestrated through Trammell stage of Hotel Van Zandt, a 290-room full-service boutique
Crow’s subsidiary, High Street Residential (HSR). hotel owned by Kimpton Boutique Hotel. Fowler says
“The condo market throughout the Trammell Crow expects its construction to be impacted,
The Shore country is cyclical, so the first units that but until he is told of a start date for the hotel construc-
Project cost: $45 million get delivered in this cycle will be the more tion, he does not know how.
Location: Austin, Texas successful projects,” Senior Development “Depending on the start time, it will impact us in differ-
Developer: Trammell Crow Co.
Mark Fowler, senior develop- Manager Mark Fowler says. “Others that ent ways,” Fowler says. “We know they will be cutting off
ment manager: “The condo are just being contemplated now might our access, and they will be under construction while we
market throughout the country is not be successful, so timing is everything.” are moving people in. But it is kind of up in the air. It is
cyclical, so the first units that get
delivered in this cycle will be the The Shore, which offers access to definitely a moving target and a challenge.”
more successful projects.” Town Lake, a jogging trail and a fitness Even before construction on the hotel has begun,