Lincoln, Kairoi Top Out Texas’ Tallest Tower
The mixed-use skyscraper is set to come online next year.
A joint venture between Lincoln Property Co. and Kairoi Residential has topped out Waterline, the tallest building in Texas. The mixed-use Austin tower has 74 stories and rises 1,025 feet, 23 feet taller than the JPMorgan Chase Tower in Houston, previously the tallest building in the state since 1981.
The developers broke ground on the 2.7 million-square-foot project in September 2022 and funded the construction with a $742.5 million loan, according to Yardi Research Data. Lincoln Property Co. originated the loan from Blackstone Group that is set to mature in 2027.
Partners on the project include general contractor DPR Construction, equity partners PSP Investments and design architect Kohn Pedersen Fox. HKS Architects is the architect of records.
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Set to come online next year, the skyscraper is taking shape at 98 Red River St. within the city’s downtown and close to Interstate 35. Austin-Bergstrom International Airport is less than 10 miles away.
The tower will feature a 252-key hotel across 13 floors, 26 office stories totaling 700,000 square feet and 352 units across 33 floors above the office space. The property will also have two floors reserved for residential amenities and a penthouse amenity story, along with 24,000 square feet of publicly accessible retail and restaurant space.
Austin’s office pipeline ranks high
Austin’s office development pipeline at the end of June ranked third nationally, according to the latest Yardi Matrix office report. The metro had 2.7 million square feet under construction, accounting for 2.8 percent of its total inventory—the largest share in the country.
Lincoln Property Co. is working on another project in the city. In 2022, the firm partnered with Phoenix Property Co. and DivcoWest to develop The Republic, an 833,000-square-foot office tower set to come online later this year.
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