Published on May 3rd, 2013 | by BuildingATX Staff
Move Over Lustre Pearl; apartments set to swallow up North Rainey
Today the Austin Business Journal is reporting that popular Rainey Street bar Lustre Pearl will be relocating to make way for “luxury” apartments. The demise of the Lustre Pearl as we know it does not come as a surprise; Sutton Co. previously had plans for a couple of apartment/hotel/condo towers on this site.
Instead of the 40+ story towers proposed by the previous developers, this time Houston-based Dinerstein Companies plans to build the “Millennium Rainey” complex with about 250 apartments. Dinerstein’s previous “Millennium” developments are 4- or 5-story buildings, similar to complexes popping up all over Austin.
No definite timeline on construction, but the developers applied to re-subdivide the parcels at the end of March, and applied for a permit to demo existing structures and relocate utilites in April. No word on where the Lustre Pearl will end up… but it seems that bar owner Bridget Dunlap is already working on her next bar down the street. More to come…