Developers working on a longterm project in Austin's Riverside neighborhood have unveiled the idea for the first phase's "anchor": a mid-size, indoor entertainment venue that will house concerts, community programs, and more.

The longterm project is River Park, a mixed-use development to be located on 30 acres on the east side of South Pleasant Valley Drive, centered around its intersection with Elmont Drive. Right now, the area is mostly characterized by student housing and other similar apartment complexes. There are not many existing entertainment options in the neighborhood, although it does have one of the best in Emo's, which draws nostalgic and emerging names in alternative music.

This new venue will span 65,000 square feet (which is 10 times the size of Emo's, and an eighth of the size of Moody Center), and although a press release isn't explicit about exactly what kind of events it'll host, it won't be limited to concerts in the standard sense. The verbiage used is "a diverse range of live shows, community events, and special events." Like Emo's, it'll bring in some national acts, but it will also reserve the stage for some local performers too.

It's a joint venture between investing platform Partners Group and Austin-based investors Presidium, whose portfolio includes other Riverside properties like Vibe on Riverside, Ballpark North, and 2015 E. Riverside Dr. (a retail property housing Riverside Liquor, ThunderCloud Subs, and Pizza Hut). Presidum's vice president of development, Michael Piano, said in the release that this venue is meant to fill a mid-size gap in Austin's overall venue options, between arenas and small, local venues.

The exact location is even more surprising: it'll be located at the northwest corner of East Riverside Drive and Crossing Place, which is currently a nondescript meeting place between the many apartments. Trace Condos, which previously occupy that corner, are not part of Presidium's existing portfolio.

The venue will be "nestled into" residential buildings (including affordable housing), retail, sidewalks, and a park, completely transforming the area over the course of 10-20 years, the release estimates. Renderings of the larger project show something that looks a lot like Music Lane on South Congress Avenue, with lots of paved courtyards between buildings. But it also opens up into wider spaces, including game courts, and following or even traversing the Colorado River with walking bridges.

“Live music is in Austin’s DNA and we’re excited to bring this opportunity forward together with several partners,” said Piano.

A timeline for the venue alone has not been determined, and a third party building partner has been selected, but not announced. More information about River Park is available at riverpark-atx.com.