A $60M Residential Tower Planned for Downtown Austin

Austin-based developer Lee Development & Construction is planning a residential tower for the Capital City’s CBD. The 244-unit, 33-story asset is proposed for 48 East Street. Lee Development’s Robert Lee told the Austin American-Statesman that he hopes to break ground on the $60-million project by the end of 2017.

Lee said he is in discussion with lenders for financing. Bartlett Cocke is the general contractor, while STG Design is the architect of record.

The developer has not determined if the residences would consist of rental units or for-sale condominiums. “We believe that both markets are still strong and both can be served well,” Lee said. “We’re looking at financing options, and that will determine what product type we end up going with. It’s a work in progress now.”

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