250-Unit Condo Project Green-Lighted in Austin

Ledgestone Development Group’s expects to build a 20-story condo development, after receiving an okay from the Austin City Council. The site, currently home to a Denny’s restaurant, is on E. 16th Street and I-35.

Located near the Swede Hill neighborhood on a 1.2-acre property Ledgestone plans to construct a building with 250 condos. The Austin Business Journal reports the site is owned by the Las Vegas-based McGrane Living Trust and was most recently valued by Travis Central Appraisal District at $8 million.

The project could also include a cocktail lounge. Rezoning documents show a maximum building height of 230 feet, or about 20 stories, although it will be limited to 40 feet near 16th Street, creating a buffer with the low-lying residential areas to the south.