The Related Companies has zeroed in on a 6-acre mixed-use project in Austin’s trendy SoCo District, an area that’s being overtaken with high-density developments, alongside its boutique shops and restaurants.
Stephen Ross’ firm is pursuing a multi-tower project in the 500 block of South Congress; it’s slated for 800 residential units, a 225-key hotel, 200,000 square feet of office space, 120,000 square feet of retail and a 25,000-square-foot grocery store, the Austin Business Journal reported.
New York-based Related, whose CEO is Jeff Blau, has requested a maximum building height of 575 feet, or about 50 stories. The project is subject to change, especially if the company adds 400 South Congress Avenue to its assemblage, as it’s planning.
The property, encompassing 500 and 510 South Congress, 105 West Riverside Drive and 407 ½ Haywood Avenue, is valued at $60.2 million by the Travis Central Appraisal District. The site comprises South Congress Square Apartments, Ego’s Bar and two commercial buildings totaling more than 70,000 square feet.
The development falls within Austin’s South Central Waterfront District, a sprawling 118-acre area that’s being transformed into a densely populated, pedestrian-friendly neighborhood akin to the Central Business District across Lady Bird Lake.
Mike Iannacone, Related’s executive vice president, highlighted the project’s emphasis on creating a vibrant, transit-focused environment conducive to pedestrian activity, aligning with the city’s forthcoming light rail network plans. The proposal also includes an elevated boardwalk and trail along East Bouldin Creek, fostering connectivity between South Congress and South First Street, the outlet said.
Related, the developer behind New York’s Hudson Yards, bought the South Congress site for $65 million in 2022 out of bankruptcy. It was previously owned by embattled Austin developer Nate Paul.
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—Quinn Donoghue