Austin’s real estate market continues to draw national attention with a combination of concerns and new developments, but few projects rival the transformative potential of the South Central Waterfront. This sprawling 100-acre district is poised to redefine the south bank of Lady Bird Lake and urban living as we know it in Austin. The first of many phases anchored by a newly approved 480-foot mixed-use tower on South Congress Avenue, this long-term development vision encapsulates Austin’s drive toward sustainability, innovation, and community.
For prospective residents, investors, and real estate professionals, the South Central Waterfront represents an unprecedented opportunity. The integration of public experiences for a unique urban model, high-end residences, and state-of-the-art office spaces—among many other concepts yet to be developed—will only be paralleled by the Waterloo Greenway project. Combined, these massive civic projects and other developments such as the I-35 conversion through downtown position Austin as a great model for urban growth and its next phase of prosperity.
Quick Insight: The South Central Waterfront has been in planning for over a decade, with its vision rooted in balancing growth with accessibility and green initiatives. The district is expected to evolve significantly over the next 10–20 years.
The Jewel of South Congress: The 480-Foot Tower
At the heart of the district’s redevelopment will be a 480-foot mixed-use tower, approved in November 2024. Located at 311–315 S. Congress Ave., this landmark building will replace a dated garage and the old Austin American Statesman headquarters, introducing a vibrant hub of activity and luxury.
Key Features of the Tower:
- Residential Units: 488 residences designed for modern urban lifestyles, offering panoramic views of Lady Bird Lake and downtown Austin.
- Office Spaces: 30,000 square feet of cutting-edge office environments for forward-thinking businesses.
- Retail Opportunities: 7,500 square feet of retail space, with 2,500 square feet set aside for affordable leases aimed at supporting local businesses.
- Sustainability Innovations: Rooftop solar panels, native landscaping, and an eco-friendly construction process.
Timeline:
- Permitting Phase: Ongoing through late 2024.
- Groundbreaking: Estimated for mid-2025.
- Completion: Anticipated by 2028.
Developers will contribute $6 million to Austin’s affordable housing fund, prioritizing projects within 1.5 miles of the site.
Connecting with Nature
What sets this development apart is its emphasis on integrating urban living with natural beauty. Public plazas, pedestrian-friendly streets, and native plant landscaping will ensure the project blends seamlessly with the scenic environment of Lady Bird Lake.
- Public Amenities: A 2,200-square-foot plaza will offer green spaces for relaxation and gatherings.
- Cultural Enhancements: Art installations by local artists will be featured throughout the development, reinforcing Austin’s identity as a cultural hub.
Learn about why Austin was named #1 city for Sustainability, and how sustainability shapes modern urban design.
The South Central Waterfront Plan: A Vision for the Future
The South Central Waterfront Plan has been years in the making, driven by the goal of balancing growth with livability. Its The South Central Waterfront Plan has been years in the making, driven by the goal of balancing growth with livability. Its multi-phase vision spans over the next two decades, with some significant transformations expected within the next five years.
Key Milestones and Vision:
- Short-Term (Next Few Years): Infrastructure upgrades, the creation of key pedestrian pathways, and initial development projects.
- Long-Term (10–20 Years): Completion of green infrastructure systems, district-wide enhancements to urban connectivity, and realization of 20% affordable housing goals.
This vision is encapsulated in the 2016 South Central Waterfront Vision Framework Plan (refer to the artist’s rendering of the district on page 4 for a comprehensive view).
Focus Areas:
- Urban Integration: Connecting downtown Austin to the waterfront with bike paths, pedestrian walkways, and public transit.
- Mixed-Use Development: Encouraging a blend of residential, office, and retail spaces to foster vibrant, 24/7 communities.
- Environmental Stewardship: Incorporating green roofs, stormwater systems, and native plants to minimize ecological impact.
The South Central Waterfront is more than just a development project—it’s a testament to Austin’s commitment to sustainability, inclusivity, and thoughtful urban design.
Did you know? The South Central Waterfront includes several planned development agreements (PDAs) that ensure developers contribute to parkland, public art, and affordable housing.
Market Impacts: Luxury Living in High Demand
The 480-foot tower is more than just a building—it will be a catalyst for growth in Austin’s luxury real estate market. High-end developments like this have historically driven up demand and property values in surrounding areas. With nearby neighborhoods like South Congress already commanding premium prices, this trend is likely to accelerate. While the downtown condo market is quite oversupplied currently, with very few new condo tower projects in the pipeline, the timing for it to be a great investment is well positioned.
Key Market Indicators
- Rising Home Values for 78704: Neighborhoods around South Congress have appreciated12% year-over-year in the last 15 years and as we come out of a few years where Austin’s market has seen values drop by 30-35% from the pandemic highs, it is well positioned to move into 6-8% appreciation year-over-year. As the South Central Waterfront develops, there is highly likely a spike to those numbers.
- Demand for Luxury Rentals: : Upscale rental units with luxe amenities/services in mixed-use developments are experiencing more stabilized occupancy rates in comparison to the average downtown multif-family is currently experiencing.
Learn about The Most Coveted Zip Codes in Austin and their skyrocketing property values.
Sustainability and Community Impact
One of the South Central Waterfront’s most significant contributions is its emphasis on sustainability. Beyond green building practices, the district prioritizes inclusivity and community engagement.
Eco-Friendly Features
- Stormwater Management: On- and off-site systems to reduce runoff.
- Solar Energy: Rooftop panels to reduce reliance on fossil fuels.
- Biodiversity: Landscaping that supports pollinators and native species.
Developers are incorporating a rooftop beehive and native plants to promote urban biodiversity—a unique touch that underscores their commitment to sustainability. Explore Sustainability in Austin Real Estate for a closer look at eco-friendly urban design.
The Future of Austin’s Skyline
As the South Central Waterfront takes shape, its influence on Austin’s skyline is undeniable. Developments like the 480-foot tower signal a new era for the city, blending luxury with responsibility and innovation.
What’s Next?
The district’s transformation isn’t just about aesthetics—it’s about creating spaces where people thrive. Whether it’s the public plazas, affordable housing initiatives, or the eco-conscious designs, the South Central Waterfront is setting a precedent for thoughtful urban growth.
Final Thought: With the South Central Waterfront, Brodie Oaks, and Velocity leading the charge, Austin is poised to redefine what it means to live, work, and play in a modern city. Read Our Market Updates for insights into Austin’s real estate and economy.