56 East Avenue is One of Rainey Street’s Last Undeveloped Sites

The refinancing of a creative office property located on a development site at 56 East Ave. in downtown Austin is now completed. The single-story building on a 1.1-acre lot is one of the last remaining large undeveloped sites in the Rainey Street District, a rapidly growing area along Lady Bird Lake on the southeastern edge of downtown.

The existing building offers approximately 18,800 square feet of office space and is 100 percent leased. However, its current CBD zoning allows for more than 1 million square feet under Austin’s downtown density bonus ordinance, making it attractive for a high-rise development project.

World Class Property Company was an early investor in the Rainey Street District.

“The growth in the Rainey Street District is astounding, even by Austin’s standards,” said Nate Paul, World Class founder and CEO. “As the neighborhood has taken shape, it has created an exceptional and unique development opportunity at 56 East Ave.”

When World Class originally purchased the property, the Rainey Street District was in its infancy. However, several major projects have been developed in recent years from new residential towers to hotel development. The long-term plans for 56 East Ave. remain unchanged, and World Class continuously evaluates opportunities to maximize the property’s development potential.