Lincoln Property Co., Kairoi Break Ground on 74-Story Mixed-Use Tower in Downtown Austin

AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and Kairoi Residential has broken ground on Waterline, a 74-story mixed-use tower in downtown Austin. The site is located near the nexus of Waller Creek and Lady Bird Lake. Plans for the 1,022-foot building currently call for 352 luxury apartments, 700,000 square feet of office space, a 251-room hotel that will be operated under the 1 Hotels brand and 24,000 square feet of ground-floor retail and restaurant space. Residential amenities will include two pools, a fitness center, lounge, kitchen and coworking space. Office tenants will also have access to a fitness center, as well as a bar and lounge and indoor meeting spaces. Kohn Pedersen Fox (KPF) is the architect for Waterline. Canadian pension fund PSP Investments is also an equity partner on the project. Eastdil Secured arranged an undisclosed amount of construction financing for the development through Blackstone Mortgage Trust. Completion is slated for late 2026. The partnership is also developing Sixth & Guadalupe, a 66-story tower in downtown Austin that is scheduled to open next year.