Less than a decade ago, Rainey Street was a residential street lined with humble Sears Kit Homes and bungalows. The arrival of Bridget Dunlap's Lustre Pearl — not to mention the Hotel Van Zandt, part of the luxe Kimpton brand — heralded Rainey's changing culture, but its latest incarnation will transform the street into a bonafide downtown district.

On October 3, North American real estate developer Intracorp announced plans for a new 51-story residential condominium building, the company's first project in Austin. Once complete, the building, located at 44 East Ave., will measure 545 feet, making it one of the tallest buildings in Austin. (The tallest is the soon-to-be-completed The Independent, which will be 58 stories and measure 690 feet.)

Named 44 East Avenue, the high-rise will eventually encompass 460,000 square feet, and include 330 residences ranging from one- to four-bedroom homes and penthouses. Ground floor plans include about 3,000 square feet for retail and dining projects.

And this being Austin (and Rainey in particular) parking is an important part of the plan. The building will include more than 500 spaces for residents and guests as well as designated spots for the public.

This may be Intracorp's first project in Austin, but the developer is bringing in local heavyweights to collaborate. Austin-based Page Architects leads the architectural design, Michael Hsu Office of Architecture is responsible for interior design of the building's commons areas, and dwg takes care of the landscape architecture.

"We couldn’t have asked for a better location than 44 East Avenue, or a better team of local experts to be working on it with us,” said Tony Kaleel, EVP Business Development at Intracorp, in a release.

As for the location, Intracorp said it picked the Capital City for its next project based on one factor: because it's Austin. "When looking for new cities to partner with, we look at everything that makes a place really liveable. Are there jobs, opportunities on the horizon, is there a vibrant active community with a great lifestyle?" noted Don Forsgren, Intracorp's president and CEO. "From our first visit to Austin, we were immediately drawn to its entrepreneurial spirit."