An apartment building nearly as tall as the Texas Capitol and the UT Tower will soon rise near the University of Texas at Austin campus.
Austin-based real estate developer Lincoln Ventures announced October 16 that construction is underway on a 300-foot-tall apartment high-rise on a nearly half-acre site at 2400 Seton Ave. The 30-story Waterloo student housing project will feature 241 apartments with 796 beds.
The building, set for completion in 2022, will be the tallest building near The Drag, in an area known as Inner West Campus. Its height will come close to that of the Texas Capitol (311 feet tall) and the UT Tower (303 feet tall).
This is the first project to take advantage of Austin’s new density bonus program within the city-designated University Neighborhood Overlay District. In exchange for the ability to construct a taller building, apartments at 2400 Seton will be affordably priced, Lincoln Ventures says in a release. Before city officials approved the density program last year, no building in Inner West Campus had been taller than 225 feet.
Under the density program, the project also will be light on parking, with just 101 spaces. Many of the students living at Waterloo are expected to walk or cycle to the UT campus, or use ride-hailing services.
“Waterloo has been a long time coming and would not have been possible if it weren’t for so many different groups and sides coming to the table,” says David Kanne, president of Lincoln Ventures. “There are few projects I can point to that represent this much collaboration between the neighbors, students, the business community and staff. This agreement opens up a whole new world of opportunities and proves housing can be affordable, beautiful, and thoughtfully designed.”
A highlight of Waterloo will be a rooftop terrace complete with an infinity pool, private cabanas, and hot tub, as well as an indoor lounge, spa, and fitness center.
The project’s general contractor 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 architect.