Austin will soon overtake Houston to house the tallest tower in Texas

Austin will soon overtake Houston to house the tallest tower in Texas

A new skyscraper in downtown Austin is set to usurp Houston’s fame as host to the tallest tower in Texas.

Developers have begun construction on a 74-story mixed-use skyscraper near Austin’s popular Rainey Street neighborhood, which is expected to become the tallest tower in Texas when completed in 2026. Morgan Chase Tower in downtown of Houston, now the tallest in the state.

For now, Houston also has the second tallest tower in the state, Wells Fargo Plaza, also downtown at 992 feet.

Austin’s new skyscraper is another sign of how quickly Austin’s commercial real estate market is rebounding compared to Houston. The Texas capital remains a popular choice for investors, attracted by its growing population and booming development opportunities. A closely watched survey by the non-profit Urban Land Institute and global consultancy PwC late last year ranked Austin No. 4 on the list of top markets with the best overall real estate prospects this year – while Houston ranked. No. 24.

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The Rainey Street neighborhood, near where this new Austin tower is planned, is just one example of Austin’s meteoric real estate growth in recent years. The area once known for its one-story craftsman-style bungalows converted into bars has become a hotbed of high-rise development with at least three new residential towers opening in recent years, along with nine other skyscrapers planned or in development. development course. on Rainey Street and adjacent streets including East Avenue and Red River.

This latest addition to the Austin skyline, called the Waterline, will add to the transformation of Rainey Street. Dallas-based Lincoln Property Company and San Antonio-based Kairoi Residential are partnering with Canadian pension fund PSP Investments for the project at 98 Red River. The base of the tower would rise 30 streets above street level so passers-by could stroll the 3.3-acre site to the adjacent Waller Creek. The project would include 352 luxury apartments, 700,000 square feet of office space and 251 rooms under 1 Hotel Austin, the brand’s first location in Texas.

Waterline, a mixed-use tower expected to rise 1,022 feet in Austin, is set to become the tallest tower in Texas when it opens in 2026, surpassing what is currently the tallest tower in the state of Houston.

Waterline, a mixed-use tower expected to rise 1,022 feet in Austin, is set to become the tallest tower in Texas when it opens in 2026, surpassing what is currently the tallest tower in the state of Houston.

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Lincoln and Kairoi are no strangers to chic Austin skyscrapers. The duo also plans to open Sixth and Guadalupe, a 66-story mixed-use tower with fully pre-published offices by Meta, Facebook’s parent company, next year. The group is also building The Republic, a 48-storey office tower next to the Place de la République park with office space, 25% of which is planned for the end of 2024. Once completed, the three buildings of Kairoi and Lincoln will be taller than any skyscraper. on the ground in Austin today.

“Downtown Austin offers one of the most vibrant markets and skylines in the nation, and we are thrilled to be part of its ongoing transformation,” said Seth Johnston, senior vice president of Lincoln Property in Austin. . “Waterline marks a new milestone for the city center not only because of its height, but also because of the positive impact this project will have on improving connectivity, improving public amenities and attracting people. more people in this beautiful downtown area.

With construction financing provided by Blackstone Mortgage Trust, Inc., Waterline will be built by California-based DPR Construction and was designed by global architectural firm Kohn Pedersen Fox.

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