TRAMMEL CROW 9/14/07 9:20 AM Page 170

THE SHORE
High Street Residential is developing The
Shore, a 22-story luxury condominium.

Revitalizing Rainey Street

The Shore – a mixed-use development in the Rainey Street neighborhood of Austin, Texas – is one of
many urban infill projects in the area. The development, which will wrap up in 2008, is almost sold out.
By Brian Salgado center, will have 192 units ranging in size from 500 to 1,600

F or more than 20 years, the Rainey Street neighbor-

hood of Austin, Texas, was an underdeveloped area
on the south side of Town Lake that didn’t have much
upside. But once the city of Austin rezoned the area, num-
erous developers bought the land there to cash in on the
inevitable revitalization of the neighborhood.
Trammell Crow Co., a worldwide development and
investment firm with headquarters in Dallas, jumped on
the opportunity with The Shore, a 22-story luxury condo-
minium development orchestrated through Trammell
Crow’s subsidiary, High Street Residential (HSR).
“The condo market throughout the
The Shore
www.trammellcrow.com country is cyclical, so the first units that
Project cost: $45 million get delivered in this cycle will be the more
Location: Austin, Texas successful projects,” Senior Development
Developer: Trammell Crow Co.
Mark Fowler, senior develop- Manager Mark Fowler says. “Others that
ment manager: “The condo are just being contemplated now might
market throughout the country is not be successful, so timing is everything.”
cyclical, so the first units that get
delivered in this cycle will be the The Shore, which offers access to
more successful projects.” Town Lake, a jogging trail and a fitness
square feet and priced from $150,000 to $1.3 million. Con-
struction of the $45 million project started in September
2006 and is expected to last until July 2008, and residents
will begin moving occupancy in March 2008. Fowler says
all but four of the units have already been sold.
Sharing a Site
The Shore construction team will soon be sharing space
with a team from JMI Realty, which is in the planning
stage of Hotel Van Zandt, a 290-room full-service boutique
hotel owned by Kimpton Boutique Hotel. Fowler says
Trammell Crow expects its construction to be impacted,
but until he is told of a start date for the hotel construc-
tion, he does not know how.
“Depending on the start time, it will impact us in differ-
ent ways,” Fowler says. “We know they will be cutting off
our access, and they will be under construction while we
are moving people in. But it is kind of up in the air. It is
definitely a moving target and a challenge.”
Even before construction on the hotel has begun,

170 ■ CONSTRUCTION TODAY ■ OCTOBER 2007