If the Austin City Council gives its final approval later this month, an old waterfront office building (photo) in South Central Austin could soon be replaced by two 500-foot-tall highrises. The Hunt Companies is the developer. If the council does not approve of the plan, Hunt can proceed with building apartments up to 96 feet high.

The project, to be at 200 E. Riverside Drive, could include nearly 1.4 million square feet of office/apartment/condo space and almost 30,000 square feet of ground-floor retail space, plus other public features, near the south shore of Lady Bird Lake.

Rather than including any income-restricted units in the high-rises, the Hunts sought to pay into the city’s housing fund to support affordable units elsewhere. Community Impact reports officials signaled support for that fee payment to keep the zoning case moving toward their third and final vote.

The property would include the Waterfront Station, now being considered as an elevated stop leading to a new bridge across the lake.