Texas CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Texas  + Austin  + Apartments  | 
Stonelake closer to 5th and River high-rise

Austin’s Old Carmelo’s Restaurant Site Could Soon Be High-Rise

The Austin Design Commission has okayed a provision that would allow the developer, Stonelake Capital Partners to tap into the density bonus for building downtown structures. The bonus provides for buildings to rise taller than what is typically allowed, if they upgrade the streetscape and allow for affordable housing units.

It’s been five years since the old Carmelo’s Restaurant closed down, and there have been a number of starts and stops regarding the future of the site. Now Stonelake Capital Partners is one step closer to building an apartment high-rise at 5th and Red River St. Another aspect of the project, which is slated to be 37 stories, is preserving what was is known as the Old Depot Hotel next door at 504 E. 5th St. and restoring it for retail use. 

There is still no word on a timetable for the construction.


Inside The Story

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Development
New call-to-action