Austin | 500 S. Congress | Multiple Towers | Up to 650 Feet | Proposed

[LoneStarMike]

From last week's Austin Business Journal (Archived; No Paywall)

Related Cos. triples office space in mixed-use hub envisioned south of downtown
Plus, Ego's may be resurrected — 'I wanted a place where you could get a $5 beer,' developer said

Related Cos. is moving forward with its plans to build multiple towers on six acres just south of downtown Austin.

Most notably, the company has tripled the amount of office space in its plans since redevelopment possibilities surfaced last year. Related now envisions 600,000 square feet of office space, up from the 200,000 square feet previously planned. That's in addition to 950 residential units, a 225-room hotel and 135,000 square feet of restaurant, grocery and retail space — which could be a huge addition to the highly sought-after South Congress retail market.

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It’s unclear when demolition activity could take place on the site, but Iannacone indicated Related wants to move quickly on the project. He said the intention is to enter into the site development permit process as soon as the project receives approval from the city. He said the permit process could take around two years. After that, project officials would look for financing, and if the market is in the right place, construction would start soon after. It could be built in one phase or multiple phases.

Iannacone's ideal timeline would be by 2029 or 2030, he told commissioners.