AUSTIN | 504 East 5th St | 460 FT | 37 FLOORS

[Urbannizer]

https://austin.towers.net/heres-our-firs...nt-tower-headed-for-fifth-and-red-river/

The 37-floor downtown Austin apartment tower planned for the corner of East Fifth and Red River Streets by local real estate developer Stonelake Capital Partners heads to the City of Austin’s Design Commission for a review of its density bonus application on Monday next week — but since we try our best to stay on the ball around here for the sake of our beloved readers, we’ve got an early look at the tower for you, which at the moment is going by the working name 5th + Red River.

The old Carmelo’s building — originally built as a boarding house in 1872 and known on its historical marker as the Old Depot Hotel — will be restored with the help of local preservation firm O’Connell Architecture for use as a retail space adjacent to the new tower, with the new construction mostly rising from the area now occupied by the site’s parking lot. It’s nearly an ideal scenario for infill development, preserving a historic downtown structure while bringing 242 new residences to market.

[Innsertnamehere]

I like the relatively small parking podium for a tower that size. Is there underground parking or are they doing less parking than normal?

[Urbannizer]

Originally Posted by Innsertnamehere

I like the relatively small parking podium for a tower that size. Is there underground parking or are they doing less parking than normal?

There’s a couple of underground levels of parking (3 or 4).

[Urbannizer]

Cancelled

https://www.bizjournals.com/austin/news/...ustin-sale-stonelake-carmelos-tower.html

Plans to build a 37-story apartment tower at East Fifth and Red River streets apparently have been canceled, with the roughly half-acre site now listed for sale.

Stonelake Capital Partners, which owns the property, didn't respond to requests for comment, nor did Jones Lang LaSalle, which has been retained to market it. The deal team consists of JLL Capital Markets’ Jeff Coddington, Joe Dowdle, Parker McCollum and George Carameros.

The tract is home to a surface parking lot and a historic building that once housed the old Carmelo’s Italian restaurant.

Stonelake bought the property at a 2020 foreclosure auction and showcased its potential in 2021, when it unveiled plans for a 37-story apartment tower that would have had shops on the ground floor. Before Stonelake, Nate Paul's World Class Capital owned the site and also boasted about a plan to take the property.

[Urbannizer]

And it's back.

Austin developer keeps 37-story tower plans alive after buying downtown site

High-rise redevelopment plans for a downtown Austin site are still alive after the property changed hands earlier this year.

Austin-based Riverside purchased 504 E. 5th St., a roughly half-acre downtown Austin site a block north of the under-construction Austin Convention Center, from Dallas-based Stonelake Capital Partners in March, according to Travis Central Appraisal District. The property is developed with a surface parking lot and historic former restaurant building, and Stonelake had plans to take the property sky-high with a 37-floor multifamily tower.

Dirt never turned at the site after Stonelake unveiled its plans, and as early as February 2025 the developer was marketing the property for sale. And though a Riverside representative said it has no immediate development plans for the site, the new owner is keeping Stonelake’s vision for the property alive after applying for a one-year site plan extension for the previous owner's plans.

A site plan permit for the redevelopment was approved on Aug. 4, 2023, and was set to expire on Aug. 4, 2026. On June 6, months after the property traded hands, Riverside filed a request to extend that site plan permit by one year to Aug. 4, 2027. The extension request is still under review and has not been approved.

That means that while Riverside has no immediate plans to develop the site, it could still build the 37-story, 321,867-square-foot high-rise Stonelake originally intended to.