Lincoln, Kairoi Complete Texas’ Tallest Building
Work finished two months ahead of schedule.
Lincoln Property Co. and Kairoi Residential have wrapped up construction on Waterline, the Lone Star State’s tallest tower rising 74 stories in downtown Austin, Texas. The mixed-use property features 352 multifamily units across 33 levels, 703,000 square feet of office space spanning 24 floors and 252 hotel keys taking up 13 stories.
Waterline is subject to a $742.5 million self-financed construction loan originated in June 2022, one year before work began, according to Yardi Matrix data. The debt is due in June 2027.
The development team included general contractor DPR Construction, designer KPF, structural engineer Brockette Davis Drake and MEPF engineer Alvine & Associates. HKS served as the architect of record. The team delivered the project two months ahead of schedule.
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Waterline dethroned Houston’s JPMorgan Chase Tower by 23 feet for the top Texas spot at 1,025 feet. The skyscraper is also 185 feet above the second-tallest Austin structure, Sixth & Guadalupe. That 66-story tower was likewise delivered by Lincoln and Kairoi.
Bosque Residences represents Waterline’s multifamily portion, encompassing one- to three-bedroom units, including penthouse layouts, that range between 701 and 2,803 square feet. Select apartments include waterfall islands, free-standing tubs, as well as wet and dry bars, among other features.
Community amenities include a coworking lounge, conference rooms, a podcast space, a poker venue, a golf simulator, in addition to several swimming pools.
Located on more than 3 acres at 98 Red River St., Waterline is adjacent to the Waterloo Greenway Confluence park, which opened this summer. Within walking distance is The Travis, another 50-story multifamily tower that came online this year. PGIM and Genesis Real Estate Group developed the 414-unit community. Also nearby, LV Collective delivered the 48-story, 550-unit Paseo community in 2025.
Austin policies continue to shape development
These new communities reflect Austin’s approach to development, which, according to Alex Horowitz, project director of The Pew Charitable Trusts’ housing policy initiative, is shaped by two major policies.
The regulations reduced or eliminated parking mandates and rezoned commercial and underbuilt areas to allow for multifamily development at greater heights. In turn, Austin proper’s predominant housing typology became apartments as of 2024, according to a report by The Pew Charitable Trusts.
The multifamily delivery glut persisted, with an inventory growth of 5.4 percent on a trailing 12-month basis through July, according to a Yardi Matrix report. Austin rental realignment continued as rates experienced a 3.7 percent annual contraction in July.
