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.
More:Here’s how the new high-rise planned on Rainey Street plans to “keep the spirit up” of the existing bungalows on the site.
The mixed-use tower is the result of a partnership between LV Collective, ELV Associates and JE Dunn Capital Partners.
The Paseo joins a number of other high-rise developments, both in the Rainy Street area and elsewhere downtown, that continue to rapidly transform Austin’s skyline as the region’s growing economy fuels demand for residential and commercial real estate.
“Austin recently ranked second on the list of the fastest growing US economies, and as growth continues to pick up here, demand for multifamily homes near downtown continues to grow,” said David Cann, chief executive officer of LV Collective. email to an American statesman.
“People want a unique living, work and play experience designed for future residents,” Kanne said. “We are excited to help meet these needs with the addition of Paseo in the vibrant Rainy area.”
The two existing bungalows on the site will be retained “in order to preserve the spirit and walking experience of the Rainy Street area,” LV said in a press release.
More:New Skyline-Changing Tower at UT West Campus
The tower will feature studio apartments as well as one, two and three bedroom apartments. According to the developer, about 20 apartments will be designed for housing at below market prices.
The development adds to LV Collective’s residential projects across the country. Since its founding in 2012, LV Collective has expanded its business to include over $3 billion worth of student housing and multi-family assets.
In Austin, LV Collective is behind projects such as Waterloo, a new 30-story tower that is currently the tallest completed building in the West Campus area, as well as other student housing projects such as Ruckus, Ruckus 2.0, and Moontower. Another West Campus project, Rambler, at 2513 Seton, is due to open later this year.
LV Collective also intends to build a 30-story student residence at 504 W. 24th St., one block west of the UT campus, according to an application filed last year with the City of Austin. Current tenants of this property include Starbucks and Smoothie King. Decades ago, this site was home to Les Amis, a cafe that was a favorite gathering place for students, and the famous company Inner Sanctum Records.
More:Developer Proposes 30-Story Starbucks Tower Near UT Austin Campus
In September, a spokesman for the company told the Statesman that it was “too premature to share details or comment on the way forward right now” about its plans for the West 24th Street property. And last week, the company said in an email that it “does not currently have any updates regarding plans for the site.”