The Austin office of Greystar Real Estate Partners recently broke ground on Symphony Square, one of the first new developments in the Austin Innovation District. It will also play an important role in the ongoing success of the new Waterloo Greenway, a 1.5-mile urban ecosystem along Waller Creek.

The mixed-use development will replace the Velocity Credit Union facility and Austin Symphony offices that formerly surrounded downtown Austin’s Symphony Square amphitheater. The new Symphony Square will include 388 apartments, 160,000 square feet of office space, and 5,000 square feet of space dedicated to retail and restaurants.

Symphony Square is across the street from Waterloo Park and its 5,000-guest Moody Amphitheater, which just received an $88 million upgrade. It will include new office space for the Austin Symphony Orchestra as well as a walk-up box office. Greystar’s inclusion of the Austin Symphony Orchestra in the new building was critical to getting the project off the ground.

“Being able to develop this project in a way that respects the history of the site and the Austin Symphony’s connection to it was very important to us,” says Matt Stevenson, Greystar director of development.

Symphony Square’s 32-story residential tower named The Waller will include a mix of micro-studio, one-bedroom, two-bedroom and three-bedroom apartments. The Waller was designed by R2L:Architects with interiors from Michael Hsu Office of Architecture and landscape architecture by TBG Partners.

Demolition of the block’s existing structures is now underway. The office building, which is being marketed by the Austin office of Cushman & Wakefield, will deliver first in early 2023. The first apartments in The Waller will be available in July 2023.