A significant new development proposal at 500 South Congress is gaining traction following a recommendation from the Planning Commission during a meeting on July 8.
If the development moves forward, it would cover 6.48 acres and include approximately 950 residential units, 225 hotel rooms, and 600,000 square feet of office space.
Additionally, the design incorporates over 125,000 square feet for restaurants, retail shops, and grocery stores, along with pedestrian and bicycle trails.
This ambitious project would replace two existing office buildings, a set of apartments, and the well-known karaoke bar, Ego’s, although there are preservation plans in place for the establishment.
The rezoning is being pursued by developer Michael Iannacone, president of the Texas division of Relation, a global real estate developer.
This zone change seeks to convert the current CS-1 designation, allowing for commercial liquor sales, to a Planned Unit Development (PUD).
PUD zoning permits larger developments beyond the limitations of the city’s land development code under certain stipulations.
The developer must demonstrate that their proposed project offers measurable benefits compared to standard requirements to secure this zoning.
In a comprehensive report spanning over 110 pages, city staff highlighted several advantages of the proposed development, including improved transit access, enhanced walkability, a substantial number of affordable housing units, and sustainability initiatives.
These sustainability features include plans for the cleanup and restoration of the section of Bouldin Creek running through the site.
Ego’s, a staple of Austin’s nightlife since 1979, will likely see its legacy continued through a plan that designates low-cost rental space for retail purposes, allowing for the
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