The Related Cos. has announced plans for a new development in Austin, Texas that could reach up to 575 feet tall and span approximately 50 stories. Located across from Ladybird Lake, the project will feature a mix of residential units, a hotel with 225 rooms, office space spanning over 200,000 square feet and retail space totaling at least 90,000 square feet. Additionally, the development will include restaurants and a grocery store covering about 25 acres underground.
This ambitious project is set to take place within Austin’s South Central Waterfront District – an area spanning over118 acres that is expected to transform into a bustling neighborhood with easy pedestrian access similar to the city’s Central Business District on the opposite side of Ladybird Lake.
The South Central Waterfront District falls under the jurisdiction of tax increment reinvestment zone (TIRZ) which was established in early2022 as part of an initiative aimed at financing redevelopment efforts in specific areas. Under this program,taxes collected from real estate improvements made within TIRZ are allocated towards further enhancing this designated zone.
