LV Collective JV to Build 557-Unit Austin Project
The 48-story community will come online within the Rainey Street Historic District.
LV Collective, formerly known as Lincoln Ventures, in partnership with JE Dunn Capital Partners and ELV Associates, has closed on Paseo at 80 Rainey, a 557-unit multifamily development in Austin, Texas. Pappageorge Hymes Partners provided architecture services and JE Dunn Construction serves as general contractor.
Site work is already underway, with a formal groundbreaking expected in the first quarter of 2023. Delivery is slated for late 2025.
Paseo adds to LV Collective’s growing portfolio of multifamily and student-oriented developments. The firm recently completed and sold a 30-story student community located near the University of Texas at Austin.
A new tower in a vibrant Austin location
Upon completion, the 48-story community will comprise studio, one-, two- and three-bedroom apartments, with 20 units designated as affordable, and more than 7,000 square feet of retail space. Common-area amenities are slated to incorporate a rooftop pool and lounge, as well as coworking spaces stretching from the 11th to the 13th floor.
Paseo is taking shape at 80 Rainey St., within the famous Rainey Street Historic District, adjacent to downtown Austin. The two historic bungalows that previously occupied the lot have been preserved and relocated. Close to Interstate 35, the development site is 2 miles from the Texas Capitol and roughly 4 miles from the University of Texas at Austin. The vibrant Rainey Street will also offer residents a multitude of retail, dining and nightlife options.
LV Collective CEO David Kane said in prepared remarks that the company’s intention is to preserve the unique character of Rainey Street and build upon it. To that end, the firm plans to collaborate with local Austin artists to create on-site public art pieces.