A mixed-use development project in East Austin, which had been delayed and downsized, is moving forward with construction expected to begin in June. LV Collective, an Austin-based multifamily developer specializing in student housing, filed plans with the Texas Department of Licensing and Regulation for a 476-unit building at 2700 East Fifth Street.
Now named The Right Angle, the building will be located on a triangular lot bordered by Fifth Street, Pleasant Valley Road, and the Austin Area Terminal Railroad. According to the filing, the project’s estimated cost is $106 million and it is scheduled for completion by September 2028.
LV Collective previously planned a larger development at this site. After acquiring the 4.3-acre parcel in 2021, company records indicate that initial plans included townhouses, duplexes, two floors of co-working space, a grocery store, and 625 residential units. The earlier plan carried a projected construction cost of nearly $134 million with hopes to finish by summer 2024.
Colby Wallis, vice president of construction and development at LV Collective, said that “the updated project will still be mixed-use.” However, details about how many townhomes or duplexes would be included have not been specified.
LV Collective has developed other projects in Austin such as Moontower and Waterloo student housing properties as well as Paseo high-rise at 80 Rainey Street. Dallas-based WDG Architecture is listed as the designer for The Right Angle project.
The announcement comes amid an ongoing recovery period for Austin’s multifamily sector following rapid development that led to lower occupancy rates and falling rents. Developers delivered approximately 16,000 new units last year which resulted in rent declines of about five percent compared to the previous year.
Although CEO David Kanne was unavailable for comment on why plans were scaled back for The Right Angle project, he stated earlier this year: “grocery, retail and office developments would meet a stronger demand than a strictly residential rental development.”
