You have reached your limit of free articles this month.

Enjoy unlimited access to

Starting at just 99¢ for 8 weeks.


  • ePAPER

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks


Welcome to

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on

Rainey project lands $100 million-plus in financing

Developers say they have landed more than $100 million in financing as they move ahead with a 34-story luxury residential tower under way on Rainey Street in downtown Austin.

Holliday Fenoglio Fowler said it arranged the $106 million construction loan with Acore Capital LP, a commercial real estate finance company, for 70 Rainey, a condominium tower under construction on the south end of Rainey Street. HFF represented the developer, New York-based Sackman Enterprises Inc., and its partner, Starryland USA Corp.

Sackman is not disclosing a projected pricetag for the project.

Scheduled to open in 2018, the tower will have about 160 residences priced from $400,000 to $5 million. The project broke ground Aug. 2, with Sackman Enterprises funding the first phase, which included all underground pier drilling and foundation work, said C.J. Sackman Jr., Sackman’s managing director in Austin.

“Our strategy has always been to implement a two phase construction plan, and it was permitted as such,” C.J. Sackman said. “Sackman’s excitement and commitment to this one-of-a-kind project dictated our willingness to commit family dollars to get underway.”

Along with numerous amenities, the project will have views of downtown, Lady Bird Lake and the Texas Hill Country. The high-rise will have 20,000 square feet of landscaped outdoor amenity space that Sackman officials have said will make it like “a park in the sky.”

Reader Comments ...

Next Up in Business

Have a great workplace? Let us know
Have a great workplace? Let us know

Help us spread the word about the best places to work in Austin. Nominations are now open for the American-Statesman’s 2017 Top Workplaces of Greater Austin project. The project recognizes employers that stand for the best in leadership, vision, an employee-centered culture and other qualities. Any employer is eligible — private company...
Up the Ladder

Biomedical Aeglea BioTherapeutics has named Anthony Quinn interim chief medical officer. Health care St. David’s HealthCare has named Diana Kraus assistant vice president of trauma. Professional honors Sandra D. Gonzalez of Greenberg Traurig has been elected to the Fellows of the Texas Bar Foundation.
Top Local Business Stories of the Week
Top Local Business Stories of the Week

WHOLE FOODS TAKEOVER? Report says Albertsons considering takeover bid for Whole Foods: Supermarket chain Albertsons is exploring a possible takeover of Austin-based Whole Foods Market, the Financial Times reported last week, citing unnamed sources. Albertsons, which operates about 2,200 stores, is controlled by buyout group Cerberus Capital Management...
House tax plan has surprising implications

Last June, Republicans in the House Ways and Means Committee rolled out their “Better Way” tax reform plan. It proposes big changes to business and personal taxation. Critics say it’s regressive and will likely decrease revenues because of the cut in personal rates. But a closer look suggests neither is true. Moreover, the business...
Business Digest: Germany-based group buys Austin office building

COMMERCIAL REAL ESTATE Germany-based group buys Austin office building The Capital Ridge office building in Southwest Austin has a new owner. GLL Real Estate Partners, a real estate fund management group based in Munich, Germany, recently purchased the building from Capital Ridge-RE LP, according to Travis County deed records. The purchase price was...
More Stories