LV Collective is getting closer to building its latest Austin project. Site work is underway and the company expects to start construction soon on its latest offering, Paseo, a 48-story residential tower in Austin’s Rainey Street District. Paseo will offer 577 units and will include a number of food and beverage options that include first floor space for a coffee/cocktail bar (see photo) along with a basement speakeasy. It will also include a rooftop pool and a top-floor lounge. The developer is devoting three stories to coworking space. All in, the project is expected to cost $240 million.

Two historic bungalows adjacent to the building will be saved, a move the developer thinks adds to the project. LV’s David Kanne said this, “Rainey’s success is in part due to the bungalows that characterize the street, and as Austinites we know that we need to maintain these iconic buildings.” LV has developed nearly a dozen projects, mostly in the Austin area.