44 East: The details you didn’t hear

All the local publications have the big story about 44 East, a new 51-story condo tower set to rise on a very desirable parcel at the lakeshore tip of the historic Rainey Street District.

Yet none of them answer the question about how Canadian developer Intracorp landed that sweet spot and how far along the development process has really progressed. So I’ve done the research for those who desire a deeper dive.

For starters, there are a lot of bureaucratic hoops to leap through and construction isn’t even projected to start for another 18 months. Despite Austin’s ultra robust development scene there are still mega projects announced a few years ago that haven’t taken shape. In fact one of them is in the Rainey District — Waller Park Place. Last time I checked, owner McCourt Global was still looking for capital. A project announced is not a project completed.