Today, Lincoln Ventures, an Austin-based multifamily and student housing developer, announced that it has closed on a development site located at 2700 E. 5th St. in Austin. The multifamily development will rise to six stories and will include 625 residential rental units, along with two levels of co-working space, a café, and an urban grocery store. Lincoln Ventures is set to break ground on the property in the second half of 2022, with an estimated opening date of summer 2024.
The site’s location in East Austin will provide residents and the public with a range of amenities to suit the area’s lifestyle needs, including two outdoor pools, a first-class gym, spin studio, yoga room, café, pet spa, dog run, and a catering kitchen. The project will also feature below grade parking with direct access to units.
This latest Lincoln Ventures project will be designed to fit the live-work-play environment of the neighborhood and exceed the expectations of tomorrow’s urban dweller.
“As East Austin continues to grow along with the city, it’s important to tap into the lifestyle needs of the area, and this project captures that energy by providing a unique variety of environments, services and experiences to the residents and the community,” says David Kanne, CEO of Lincoln Ventures. “Future residents will be at the center of this dynamic East Austin District, while enjoying easy access to public transportation and a city bike trail as well as proximity to downtown Austin and ABIA.”
Unit types for lease range from studios to one-, two- and three-bedroom options, and 10 percent of the units will be designated affordable housing. The to-be-named building will also offer two-story urban row homes and two-story live/work units located along the 5th Street frontage. The live/work units will offer one- and two-bedroom floor plan options.
Lincoln Ventures has also broken ground on similar projects across the country, including 811 N. 3rd Street, a 24-story, 326-unit multifamily development located in the heart of the arts district in downtown Phoenix.
Lincoln Ventures is best known for its successful student housing developments in Austin, Texas, including The Ruckus, The Ruckus 2.0, Moontower and Waterloo. The company recently announced another multifamily project at 80 Rainey Austin, Texas. The 49-story development will include 644 residential rental units, bars and restaurants. Lincoln Ventures is set to break ground on the tower next summer with an estimated completion date of summer 2025.
2700 E. 5th St. is a partnership between Lincoln Ventures and ELV Associates. Pappageorge Haymes Partners is serving as architect for the project, Wuest group is the civil engineer, Michael Hsu is the interior designer, and TBG is providing landscape architecture services.