AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and San Antonio-based Kairoi Residential has topped out Waterline, a 74-story mixed-use tower located at 98 Red River St. in downtown Austin. The property gets its name from the site’s location near the nexus of Waller Creek and Lady Bird Lake.
According to the development team, at 1,025 feet, Waterline is now the tallest building in Texas, eclipsing JPMorgan Chase Tower in Houston, which had allegedly been the state’s tallest building since 1981. Construction of Waterline began in fall 2022 and is expected to be fully complete in late 2026.
Waterline will ultimately feature 352 upscale 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. The partnership is now marketing office space for lease. The launch of residential leasing and the opening of the hotel are scheduled for this fall.
Kohn Pedersen Fox (KPF) is the architect for Waterline, and DPR Construction is the general contractor. Canadian pension fund PSP Investments is also an equity partner on the project with Lincoln and Kairoi. Eastdil Secured arranged an undisclosed amount of construction financing for the development through Blackstone Mortgage Trust.
“Waterline has already remade the Austin skyline, but the project’s transformational impact on this area of downtown will be just as significant when the building opens in 2026,” says Seth Johnston, executive vice president at Lincoln Property Co. “Waterline will quickly become a top downtown destination and activity center. Project improvements will also make it far easier for people to access all of the public amenities in this area from Rainey Street, the new Austin Convention Center and the rest of the Central Business District.”
In addition to Waterline, Lincoln and Kairoi recently completed another mixed-use tower in downtown Austin: Sixth & Guadalupe, which rises 66 stories.
— Taylor Williams