A delayed mixed-use development in East Austin is moving forward after previous setbacks. LV Collective, an Austin-based developer focused on multifamily and student housing projects, plans to begin construction on a 476-unit project at 2700 East Fifth Street in June, according to a filing with the Texas Department of Licensing and Regulation.
The building, now named The Right Angle due to its wedge-shaped design, will be located between Fifth Street, Pleasant Valley Road, and the Austin Area Terminal Railroad. The estimated cost for the project is $106 million, with completion expected by September 2028.
LV Collective had initially planned a larger project for the site after acquiring the 4.3-acre plot in 2021. Earlier proposals included townhouses, duplexes, two levels of co-working space, a grocery store, and 625 rental units with amenities such as a pet spa and catering kitchen. The original budget was close to $134 million with an anticipated completion date in summer 2024.
Colby Wallis, vice president of construction and development at LV Collective, stated that the revised plan maintains its mixed-use nature but did not specify how many townhomes or duplexes would be included.
LV Collective has developed several notable student housing properties in Austin including Moontower and Waterloo. The company also built Paseo at 80 Rainey Street. Dallas-based WDG Architecture will design The Right Angle.
Austin’s multifamily market has experienced challenges following rapid development. About 16,000 new units were completed last year across the city which contributed to lower occupancy rates and drove rents down by approximately five percent compared to 2023.
Although CEO David Kanne was unavailable for comment on changes to The Right Angle’s scope, he previously said: “Grocery, retail and office developments would meet a stronger demand than a strictly residential rental development.”
