Related Aiming to Build 50-Story Austin Tower

The Related Cos. is planning to build as high as 575 feet, or about 50 stories across from Ladybird Lake (photo). The Austin Business Journal reports the multitower project would include approximately 800 residential units, as well as a 225-room hotel, 200,000 square feet of office space, 90,000 square feet of retail space, 30,000 square feet of space for restaurants and a 25,000-square-foot grocery store, in addition to an underground parking garage.

The project would take place within Austin’s South Central Waterfront District, a 118-acre area that in the years to come is expected to become a dense, walkable neighborhood that more closely resembles the Central Business District on the other side of the lake.

The South Central Waterfront District is subject to a tax increment reinvestment zone, or TIRZ. The program was launched in 2022. A TIRZ is a financing tool used to help pay for redevelopment in specific areas. Taxes collected on real estate improvements made in a TIRZ are set aside for use within the zone.

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