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74-floor skyscraper in Downtown Austin named

The skyscraper will reach 1,022 feet, which translates to 74 floors, on a 3.3-acre lot near the Rainey Street district downtown.

AUSTIN, Texas — What will be the tallest building in both Austin and the state has been officially named "Waterline," according a press release from the building developers.

In addition to the name being released, the developers for the skyscraper under construction at 98 Red River St. have broken down what the interior of the building will contain, which includes pedestrian access and a seven-figure donation to the nearby trail system.

Development partners Lincoln Property Company and Kairoi Residential detailed that the skyscraper will reach 1,022 feet, which translates to 74 floors, on a 3.3-acre lot near the Rainey Street district downtown. Waterline will feature two floors on the ground level, with 24,000 square feet of publicly accessible retail and restaurant space. It has not yet been announced which retailers will occupy that space.

"Downtown Austin offers one of the most dynamic markets and skylines in the nation, and we're excited to help drive its ongoing transformation," said Seth Johnston, senior vice president of Lincoln Property Company in Austin. "Waterline marks a new milestone for downtown not only because of its height but also because of the positive impact this project will have on improving connectivity, enhancing public amenities and attracting more people to this beautiful area of downtown."

The release explains that the first 13 floors will be occupied by 251 rooms for the 1 Hotel Austin, followed by 27 floors of office space. This will accumulate into 700,000 square feet, which is roughly one-third of the building's occupancy, where office tenants will have access to a 24,000-sqare-foot outdoor space, a bar and lounge, indoor meeting areas and a prep kitchen for events.

Tenants will be given access to a 7,000-square-foot fitness facility on the second floor, which contains cardio equipment, weights and both yoga and dance studios. Lastly, the top 33 floors will be occupied by 352 luxury apartments to meet the demand for high-end rentals in the downtown area.

LPC and Kairoi Residential are striving to reach the Leadership in Energy and Environmental Design Gold certification throughout the entire construction of the building. The LEED Gold certification is a higher-rated building for the emphasis on sustainable building practices and efforts to be environmentally responsible in the resources used during construction.

The developers involved in Waterline include:

  • HKS as architect of record
  • TBG Partners and Nudge Design as landscape architects
  • Michael Hsu Office of Architecture as office interior designer
  • Studio Mai as hotel and residential interior designer
  • Armbrust & Brown PLLC as land-use attorney
  • DPR as general contractor
  • Brockette Davis Drake as structural engineer
  • WGI as civil engineer
  • Alvine as mechanical, electrical and plumbing engineer

One of Canada's largest pension investment managers, the Public Sector Pension Investment Board, is the main equity partner in the project. Blackstone Mortgage Trust Inc. provided the construction loan for Waterline and Eastdil Secured acted as the financing advisor to the sponsors.

The developers are planning on adding two pedestrian bridges over the eastern bank of Waller Creek, along the Waterloo Greenway, as well as three public pedestrian and bike access points to the Greenway. Additionally, a $1 million contribution will be made to the Waterloo Greenway to help fund improvements for the 1.5-mile trail connecting the University of Texas at Austin to Lady Bird Lake.

Construction on the skyscraper began on June 13, 2022, and is scheduled to have hotel and resident units opening in the fall of 2026.

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