Construction has begun on a new 48-story high-rise building on Rainey Street.

Another tower has opened in downtown Austin, a 48-story high-rise building that will contain about 600 apartments in the popular Rainy Street area.

The project was first announced in late 2021 by LV Collective, an Austin-based multi-family and student housing developer. LV Collective, formerly Lincoln Ventures, said it recently began construction on the project, which will be the newest addition to the Rainy Street area.

UMB Bank is providing the funding, but LV Collective declined to disclose the amount or comment on the total estimated cost of the project.

The high-rise building, officially named Paseo, is being built at 80 Rainey Street. It will have 557 apartments, resident amenities on multiple floors, and several dining options on the ground floor. The building is due to open at the end of 2025. Developers said it was too early to reveal estimated rents for apartments.

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