High Street Residential JV Breaks Ground on Austin Luxury Tower

High Street Residential, Trammell Crow Co.’s residential subsidiary, along with MSD Partners and River Street Partners, have broken ground on 700 River, a 377-unit multifamily tower in Austin, Texas. The 43-story project is expected to come online by the end of 2024.

The 400,000-square-foot luxury building will comprise studio, one-, two-, and three-bedroom units, as well as penthouses. The 500-foot tower will also provide more than 30,000 square feet of wellness-focused common-area amenities and an additional 3,400 square feet of ground-floor retail.

700 River will be located in Austin’s Rainey District, at the intersection of Rainey and River Streets, just off Interstate 35. The property will also have direct access to the Ann and Roy Butler Hike and Bike Trail, along with the new Rainey Street Trailhead. The high-rise project will aim to attain LEED Silver, Fitwell, and Austin Energy Two Star certifications.

HKS, in collaboration with Lake Flato Architects, was in charge of the tower’s design, while DPR Construction is the appointed general contractor. Other parties involved in the 700 River project include Campbell Landscape Architecture, No Walls Studio, Consulting Engineers and Clodagh Design.

Austin’s residential pipeline shines

Austin’s multifamily market continues to show strong demand, according to a Yardi Matrix report. As of May, the metro had the nation’s second-largest pipeline, after Dallas-Fort Worth, with 42,118 units underway. The upscale sector dominated the under-construction stock, representing about 77.5 percent of all projects in the making.

In September, Lincoln Property Co. and Kairoi Residential started construction on Waterline, a 74-story high-rise in downtown Austin. Upon completion, the skyscraper will become the tallest tower in the state. Targeting LEED Gold certification, the project is slated to encompass 352 luxury apartment homes, 700,000 square feet of office space and a 251-key hotel.