Demolition is clearing the way for a massive mixed-use project in East Austin, where gentrification has run rampant in recent years amid new development.
A venture between two Dallas-based firms, Presidium and Partners Group, has started construction on River Park, a 109-acre development at the northeast corner of East Riverside Drive and Wickersham Lane, the Austin American-Statesman reported. The $4 billion project is slated for 10 million square feet of office, retail, residential, hotel and entertainment uses.
The 252-unit Tempo apartment complex, at 4700 East Riverside Drive, is the first building being demolished, with more apartments set to be razed in subsequent phases. River Park’s location lies east of Oracle’s Austin headquarters, overlooking Lady Bird Lake. Critics have previously referred to the project as the “Domain on Riverside,” drawing parallels with the upscale Domain mixed-use development in North Austin.
The zoning approvals granted to Presidium by the City of Austin offer flexibility to adapt to market demands. Plans for the first phase include 370 apartments, 400,000 square feet of office space, and 12,000 square feet of retail space. Some of the apartments will have below-market rents to cater to residents with incomes below the area’s median family income, but it’s unknown how many affordable units there will be.
With the Capital Metro’s Blue Line light rail planned along East Riverside Drive, Presidium ultimately envisions a walkable, transit-oriented development that aligns with Austin’s objectives, particularly in terms of affordable housing. River Park will also feature over 30 acres of publicly accessible open space, parkland and trails. Presidium started assembling the parcels in 2017.
Other developments on the way in the area include PlaceMKR’s $450 million mixed-use project at the intersection of East Riverside and Highway 71, and River City Capital Partners’ 7-acre Urban East multifamily complex.
—Quinn Donoghue
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