The Related Cos. has announced plans for a new development in Austin, Texas that will reach heights of up to 575 feet, equivalent to approximately 50 stories. Located across from Ladybird Lake, the project will feature multiple towers and offer a mix of residential units (approximately 800), a hotel with 225 rooms, office space spanning over 200,000 square feet, retail space totaling at least 90,000 square feet including restaurants and a grocery store. The development also includes an underground parking garage.
This ambitious project is set to take place within Austin’s South Central Waterfront District – an area covering over one hundred acres that is expected to transform into a bustling neighborhood with walkable streets 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 early-2022 as part of its financing strategy for redevelopment efforts within designated areas. This program allocates taxes collected from real estate improvements towards further developments within this specific zone.
For more information on this exciting venture by The Related Cos., visit Connect CRE today!
