A proposed skyscraper in Downtown Austin that developers initially touted will earn the distinction as the tallest in the state upon completion is now slated to rise with lesser stories, Austin-based media outlets reported.
Last fall, Austin Journal reported, local real estate development firm Wilson Capital unveiled plans for the new Wilson Tower, saying it’ll consist of 80 floors.
Austin ABC affiliate KVUE reported that the project since then has failed to garner approval from the City of Austin's Design Commission to start construction.
The setback prompted the tower’s namesake to change plans and reduce the number of stories in half, per the station.
KVUE reported that most of the board commission members – Commissioner David Carroll didn’t cast a vote – felt Wilson Tower didn’t adhere to the state capital’s urban design standards.
Wilson’s purported request for a 23:1 floor-to-area ratio was a red flag for the commission given the city’s standard ratio of 8:1, according to the report.
“We are making some changes in response to both the Design Commission’s feedback and current market conditions,” the firm said in a statement obtained by KVUE. “Construction costs and interest rates are both higher now than they were when we originally designed the project. We believe this new design is more appropriate to provide an activated ground floor while remaining feasible in today’s environment."
Citing an article in the Austin Business Journal, The Real Deal reported that the revised plans have Wilson Tower, which is slated to rise over the site of Avenue Lofts on East Fifth Street, house 350 units instead of 450.
The firm’s namesake founder Taylor Wilson said in the report that the project will help with Austin’s long-term growth.
“While meaningful levels of supply are currently being delivered, we believe there will be a period from 2025-2027 when new deliveries will be significantly less than usual given the current challenges preventing many new multifamily developments from starting,” Wilson said. “Our goal is to fill that gap with the new projects we are developing as they will be delivering in that time frame.”
KVUE reported that a groundbreaking for the tower will take place later this year.