A stalled East Austin mixed-use project is back in business.
LV Collective, an Austin-based multifamily developer with a specialty in student housing, plans to start construction on the 476-unit project at 2700 East Fifth Street in June, according to a Texas Department of Licensing and Regulation filing.
Newly named The Right Angle, the wedge-shaped building will occupy a triangular plot between Fifth Street, Pleasant Valley Road and the Austin Area Terminal Railroad. The project has an estimated cost of $106 million and is slated for completion in September 2028, the filing shows.
LV Collective, formerly known as Lincoln Ventures, previously planned a mixed-use project with more units and a higher construction cost at the same site.
The company acquired the 4.3-acre plot in 2021, according to county records, and soon thereafter announced plans for a mixed-use community that would include townhouses, duplexes, two levels of co-working space, a grocery store and 625 residential rental units. Billed amenities included a pet spa and a catering kitchen. The original construction cost was almost $134 million. LV had hoped to finish the project by the summer of 2024.
The updated project will still be mixed-use, according to Colby Wallis, the firm’s construction and development vice president. The number of townhomes and duplexes hasn’t been specified.
LV Collective is best known for Moontower, Waterloo and other student housing developments in Austin. LV also built the Paseo, a high-rise at 80 Rainey Street.
Dallas firm WDG Architecture will design The Right Angle project, according to the TDLR filing.
Austin is recovering from a multifamily building spree that drove occupancy and rents down. Multifamily developers completed about 16,000 units last year, suppressing rents by about 5 percent compared to 2023.
LV Collective CEO David Kanne couldn’t be reached to elaborate on the reduced plan for The Right Angle, but he said earlier this year that grocery, retail and office developments would meet a stronger demand than a strictly residential rental development.