AUSTIN (KXAN) — It could soon be the end of an era for Rainey Street as some people know it. A new listing for one of the last homes in the area just hit the market, which could mean more development could swoop into the area. A listing was posted December 21 for 701 River Street. The home is located on the south end of Rainey Street, near the Emma S. Barrientos Mexican American Cultural Center. Austin’s density bonus program creates more affordable housing on Rainey According to the listing, the 940-square-foot home was built in 1945 and has just one bed and one bath. The asking price is $10 million. Huge Opportunity to be the owner of one of the last free standing homes on Rainey St, in Downtown Austin! Steps away from Lady Bird Lake, the entertainment district, high-end hotels and live music! This is a .0776 acre corner lot which boasts a sought-after position in the prominent Rainey Street District. Bring your vision! This is a unique investment opportunity to be sold AS-IS. Buyer to do due diligence,” the listing overview reads. The listing comes as the city plans to develop the area for additional residential buildings. The Rainey Street District was once a nice little neighborhood with charming little homes lining the street in downtown Austin. Decades later it would morph into a popular entertainment district with those homes transforming into bars, while keeping its home facade. ‘We knew this was coming’: Another bar on Rainey Street set to close for new residential development projects Bars like Reina, Container Bar and Bungalow closed their doors in 2022 to make room for big development.