A residential building almost as tall as the Texas Capitol and UT Tower will soon be built near the University of Texas on the Austin campus.
Austin-based real estate developer Lincoln Ventures announced on October 16 that construction of a 300-foot high-rise apartment building is underway on nearly 1 acre lot at 2400 Seton Ave. The 30-story Waterloo student housing project will include 241 apartments with 796 beds.
The building, slated for completion in 2022, will be the tallest building near The Drag in an area known as the Inner West Campus. Its height will be close to that of the Texas Capitol (311 feet high) and the UT Tower (303 feet high).
This is the first project to take advantage of Austin’s new density bonus program in the city-designated University Neighborhood Overlay District. In return for the ability to build a taller building, the apartments in the 2400 Seton will be offered at an affordable price, according to a press release from Lincoln Ventures. Before city officials approved the density program last year, no building on the Inner West Campus was higher than 225 feet.
As part of the density program, the project will also be easy to park with only 101 parking spaces. Many of the students living in Waterloo are expected to walk or bike to the UT campus, or take hail rides.
“Waterloo was a long time coming and wouldn’t have been possible if it weren’t for so many different groups and teams,” said David Kanne, President of Lincoln Ventures. “There are few projects I can point out that represent so much collaboration between neighbors, students, the business community and employees. This agreement opens up a whole new world of possibilities and proves that living space can be affordable, beautiful and well-designed. ”
A highlight of Waterloo will be a rooftop infinity pool, private cabanas and hot tub, as well as an indoor lounge, spa and fitness center.
The general contractor for the project is JE Dunn Construction. Hip Hop Studio and BOKA Powell are the architects, Chelsea Kloss Interiors is the interior designer and TBG is the landscape designer.