AUSTIN (KXAN) — Real estate developer Intracorp kicked off its 44 East Ave. project Tuesday with an official groundbreaking ceremony and demolition party.
They’re building a 49-story tower in the Rainey Street neighborhood. The finished product will include 1-to 4 bedroom homes ranging from just over 500 sq. ft. to more than 3,500 sq. ft.
Tuesday afternoon, they invited the public to come and help tear down the existing building on the site. With a donation to the Trail Foundation, people could spray paint the exterior or use a hammer or sledgehammer on the walls.
All proceeds from the demolition party will benefit The Trail Foundation, a nonprofit that helps the City of Austin maintain and improve the Butler Hike-and-Bike Trail.
Brad Stein, Managing Director and Senior Vice President of Intracorp, told KXAN they obtained the permits needed last month, and also started selling the units.
Already, they’re “30 percent pre-sold.” Stein said, “Right now, it’s based on word of mouth and everybody just learning about the project.”
Stein said this is Intracorp’s first project in Austin. They’re based in Vancouver, British Columbia in Canada.
“When they were looking for other U.S. markets to expand, Austin reminded them a lot of Vancouver,” he said. “Very active lifestyle. Very energized, educated city. A lot of water features throughout the city.”