Today, LV Collective, an Austin-based multifamily and student-oriented real estate developer, announces the closing of its new mixed-use property Paseo, located at 80 Rainey Street in Austin, Texas.
The multifamily development will rise 48 stories in the heart of Austin’s Rainey Street District. The building will feature 557 residential rental units, resident amenities across multiple levels, and several food and beverage concepts at ground floor. The project will preserve and activate the two existing bungalows on the site in order to maintain the spirit and pedestrian experience of the Rainey Street District.
The project aims to bring the energy of Rainey Street from the ground floor up vertically through the building. The property will offer studio, 1-, 2- and 3-bedroom apartments with expansive views of Austin from the upper floors. An estimated 20 units of the development are designated affordable housing.
In an effort to maintain the character of Rainey Street, LV will bring in local Austin artists to design public art pieces and will place new, oversized trees along the public parkway.
The development adds to the company’s growing roster of multifamily and student-oriented buildings across the country. Most recently, LV Collective delivered Waterloo, a 30-story tower in the heart of West Campus at the University of Texas at Austin. LV Collective is best known for its successful multifamily student-oriented developments in Austin, including The Ruckus, The Ruckus 2.0, Moontower, and Waterloo.
Site work is already underway at the project, and the two original Rainey Street bungalows have been moved to their final locations on the site. A formal groundbreaking will be held in the first quarter of 2023. The building is set to deliver late 2025.
JE Dunn Construction is the project’s general contractor. Pappageorge Haymes Partners is serving as architect for the project, Wuest Group is the civil engineer, Blum Consulting Engineers is the mechanical engineer, and DCI Engineers is the structural engineer. TBG is providing landscape architecture services, and Drenner Group is serving as zoning council for the project.
80 Rainey a partnership between LV Collective, ELV Associates and JE Dunn Capital Partners. UMB Bank n.a., is providing financing for the project.