The developer has the site under contract so there is some substance to this.
https://www.bizjournals.com/austin/news/...wsuit-world-class-towers-sale-court.html
Quote:
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“Though heights greater than 350 feet are possible if developers participate in the Downtown Density Bonus Program and get approval from City Council. TGE wants to first get the greenlight from the city that it would be able to build higher before it can close on the deal.”
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The city has been under a temporary height limit of 350'. New Density Bonus Program allowing heights of 1,200' being decided upon in May.
https://therealdeal.com/texas/2026/04/16/austin-proposes-supertall-friendly-density-bonus-overhaul/
Whether or not they can actually pull off a project of this scale is something we'll have to watch unfold over time.