Milago was one of the first condo buildings on Rainey Street and sits at the lake end of the street, about 350 feet from the Butler Trail.
I've toured and shown homes in every downtown condo tower, including Milago. This page pulls together the facts buyers ask about first, followed by the homes currently for sale in the building.
Building facts | |
|---|---|
Address | 54 Rainey St., Austin, TX 78701 |
Area | Rainey Street |
Completed | About 2006 |
Stories | 13 |
Homes | About 240 condos |
Developer | Fairfield Development |
Design | WDG Architecture |
Distance to the Butler Trail | About 350 feet, straight-line, by City of Austin map data |
Where public sources disagree on story or unit counts, a range is shown.
Milago has:
Confirm current amenities, hours and any fees with the association before you buy. If you own here, a well-run amenity floor is part of what you're selling, so show it off in your listing photos.
Albert's Take
Standout amenity: A gated, secure parking garage with on-site storage, plus a rooftop pool deck.
Rentals: Leasing rules come from the HOA, so check lease minimums and any leasing cap before you buy as an investment.
Nearby: The lake end of Rainey Street, about 350 feet from the Butler Trail.
Views: Lake-facing homes look over Lady Bird Lake. Ask how the newer towers nearby affect the unit you're considering.
Selling here: Buyers compare Milago with the newer Rainey towers, so lead with the lake-end location and any updates you've made.
Rainey Street's bars and restaurants are steps away, including Kinsho, a sushi and omakase bar that opened at 51 Rainey in spring 2026, and Fleet Coffee at 88½ Rainey. The Waterloo Greenway's Confluence, which opened in June 2026, links the district to Palm Park and the Butler Trail.
I've represented clients at Milago. They love the amenities, the short walk to Lady Bird Lake, and having Rainey Street's restaurants and nightlife right outside the door.
Milago is in Austin ISD. Every downtown condo address we checked was zoned to Mathews Elementary, O. Henry Middle and Austin High for 2026-27, according to the Austin ISD School Finder, but confirm zoning for this exact address before you buy.
If you already own here, the same list is your prep sheet for selling: request the resale certificate early, gather your parking and storage documents, and keep receipts and permits for any upgrades so buyers can see what they're paying for.
Current listings at Milago appear below. Compare it with other towers in our Downtown Austin condo buildings guide, or browse all Downtown Austin condos for sale.
Leasing and short-term rental rules at Milago are set by the condominium declaration and the association's rules, and I couldn't confirm the current rules from a public source. In my experience, many downtown associations require a minimum lease term, cap how many homes can be leased at once (often no more than about 10% of units) and prohibit stays shorter than 30 days. If you plan to lease, read the declaration, the rules and the resale certificate before you buy.
The City of Austin also licenses short-term rentals. Under rules that took effect Oct. 1, 2025, an individual may operate the greater of one unit or 10% of their units in a multifamily property, or 25% at sites with four or more units and a commercial use, according to the City. A City license doesn't override a building's own ban.
The same rules matter when it's time to sell. Investors ask about leasing first, so owners who have the current rules and any leasing permit status in hand can answer that question on day one instead of losing a showing to it.
Looking to Sell?
What is your Milago condo worth?
I'll prepare a complimentary home valuation based on recent sales in the building and the details buyers pay for here: floor, view, parking and updates.
Albert Allen is an Austin native and Luxury Real Estate Advisor with Compass, with more than a decade of experience helping clients buy and sell across Austin.
Albert represents buyers and sellers in Milago and throughout Downtown Austin's high-rise condos. Schedule a Walk & Talk, request a home valuation or ask about private listings.
Milago is at 54 Rainey St. in the Rainey Street part of Downtown Austin, ZIP code 78701.
Milago was completed in about 2006 and has 13 stories, with about 240 condos.
Check the declaration and rules for the current policy. Many downtown associations prohibit stays shorter than 30 days and limit how many homes can be leased, and City of Austin licensing rules apply on top of any HOA rules.
About 350 feet to the Butler Trail, measured straight-line with City of Austin map data. Walking routes are longer.
Compare Milago with the other condo towers downtown, or see them side by side in our Downtown Austin condo buildings guide.
Browse All Downtown Austin Condos
Sources: Council on Tall Buildings and Urban Habitat; developer, architect and builder project pages; hotel operator pages where applicable; Texas Department of Licensing and Regulation; City of Austin (GIS address points and trail data, short-term rental program, Ordinance 20250911-012); Austin ISD School Finder (checked Nov. 8, 2026); The Trail Conservancy; Austin Monitor; Community Impact; KVUE; CBS Austin. Building facts may differ slightly from HOA records. Albert Allen, REALTOR®, Compass RE Texas, LLC. Information is believed reliable but not guaranteed. Photo: Rainey Street skyline along Lady Bird Lake, 2024, by Oleg Yunakov, CC BY-SA 4.0, via Wikimedia Commons.
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