44-story apartment tower set for Warehouse District


Highlights

Sullivan’s Steakhouse would be razed, but developers say it will be incorporated into the new project.

Developers plan a high-rise with 315 luxury apartments, plus restaurant/retail space.

Developers planning a high-rise apartment tower in downtown Austin have filed for a permit with the city to demolish the existing Sullivan’s Steakhouse restaurant on the site. However, Sullivan’s is expected to be part of the new project.

The high-rise is being planned for one-fourth of a block at at 300 Colorado St. The developers are Austin-based Riverside Resources and Ironwood Real Estate, a real estate investment firm based in Austin. The developers have filed a demolition permit Monday for the 11,816-square-foot restaurant.

Jake Wise, general manager for the Austin Sullivan’s Steakhouse, said the restaurant will remain open through the end of the year. He said Sullivan’s will be part of the new project once it opens.

“We’re going to have a restaurant in the new building,” Wise said.

The Sullivan’s Steakhouse chain is owned by Southlake-based Del Frisco’s Restaurant Group, which also operates the Del Frisco’s Double Eagle Steak house and Del Frisco’s Grille brands.

The proposed high-rise is referred to in city documents as 3rd and Colorado Residential, but it does not yet have an official name. It is proposed for the northwest corner of West Third and Colorado streets.

Revised plans for the tower now call for it to have more height and more apartment units. Preliminary plans filed with the city in the fall had envisioned a tower with 39 stories, 295 apartments, a parking garage and a restaurant with an outdoor dining area.

The tower is now planned for 44 stories, with 315 rental units, said Michael Whellan, an Austin attorney representing the developers. No zoning change will be required to build the project, Whellan said.

There is no word from developers on a projected start or completion date, estimated construction cost or the status of financing.

The building would have about 329,000 square feet of space, including 8,700 square feet of street-level retail/restaurant space, according to the developers.

Developers would pay a parkland dedication fee of $338,703.75, a city document shows. They also would pay almost $2.9 million into the city’s affordable housing trust fund, developers said.

Once completed, the property is expected to generate about $3.5 million a year in tax revenue, Whellan said.

According to the developers, the 300 Colorado land is owned by Austin 3C Venture LP, an entity affiliated with Riverside Resources. The Travis Central Appraisal District valued the property at $6.24 million this year.

Riverside Resources currently has a 39-story luxury condominium project under construction at West Fifth Street and West Avenue in downtown Austin.

In its July 24 meeting, the city’s Design Commission found that the project as proposed “substantially complies” with the city’s urban design guidelines, said Bart Whatley, a member of the commission, an advisory group to the Austin City Council.

However, that finding is not meant to be an endorsement of the proposed project, nor of the demolition of the nearly century-old existing building in the Warehouse District, Whatley said.

“We do have concerns that center on the potential historic significance of the existing building,” the Design Commission said in its findings. “Research has indicated that the building is considerably older than indicated by the applicant. The Historic Preservation Office has concluded that the building is approximately 92 years old and has a rich history.

“Given this, and the (Downtown Austin Plan) priority, it should be made clear that our conclusion of substantial compliance with the Urban Design Guidelines does not advocate that we support the demolition of the existing building. We would defer this decision to the recommendation of the Historic Landmark Commission.”



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