Austin’s Riverside Drive Set for Big Changes with New Mixed-Use Development
Austin is gearing up for a significant transformation along Riverside Drive with the announcement of a new mixed-use project dubbed River Park. Spanning across 109 acres, this development is set to bring a variety of features that the community has eagerly awaited.
Exciting Venue Planned
One of the most notable aspects of River Park is the inclusion of a 65,000-square-foot venue designed for live shows and events. Developers envision it as a venue that combines the best elements of the old Austin Music Hall and the ACL Live at the Moody Theater, promising top-notch acoustics and a flexible seating arrangement. This space will accommodate various types of events, making it an attractive addition to Austin’s already vibrant music scene.
Michael Piano, Vice President of Presidium Group, explained that the venue will play a pivotal role in the development’s first phase. While the exact timeline for construction has yet to be determined, it is clear that the venue will be a focal point for entertainment in the area.
A Long-Term Vision
The River Park development is a long-term project, expected to unfold over the next 10 to 20 years. It will combine multiple uses including multifamily residential units, office spaces, retail shops, and parkland. The preliminary phase of the project has already received approval from the city, marking a significant milestone after years of planning.
As Piano noted, the planned mixed-use development is substantial in scale—approximately 10 million square feet. To put this in perspective, it’s roughly equivalent to seven Barton Creek Square Malls or 20 Frost Bank towers. The project aims to adapt to market demands, ensuring that it meets the needs of Austin’s growing population.
Phase One Details
For the first phase of River Park, four development parcels are planned. Among these are:
- 426 multifamily units
- 214 units plus 10,000 square feet of retail space
- 312 multifamily units along with another 10,000 square feet for retail
- The 65,000-square-foot entertainment venue accompanied by about 7,000 square feet of retail space
Additionally, a 1.2-acre public park will be established as part of the development, providing an essential green space for residents and visitors. This incorporation of residential and commercial elements demonstrates a commitment to creating a well-rounded community.
Adapting to Change
With the ever-evolving landscape of Austin, the design and plans for River Park have undergone modifications to align with current market trends. Piano highlighted that these adaptations are a natural progression of the project as it strives to deliver an engaging mixed-use environment.
The proposed 27,000-square-foot retail area aims to attract a variety of businesses ranging from traditional retail to restaurants and commercial spaces. However, leasing for these retail spaces has not yet commenced and will depend on the overall timeline for the venue’s construction.
Significance for Austin
Austin, known as the Live Music Capital of the World, is home to around 250 live music venues. Developers believe that projects like River Park are essential for maintaining the cultural richness of the city. “We need this type of space in the city,” Piano added, emphasizing the importance of a dedicated venue to support Austin’s artistic community.
While the exact financial details and partnerships for the entertainment venue remain confidential, the project signifies a bold step toward enhancing Austin’s entertainment offerings. Residents eagerly await the opportunity for more detailed timelines as work progresses on River Park.
Conclusion
As plans for Riverside Drive continue to evolve, Austin looks forward to welcoming River Park and its promise of lively spaces, housing, and entertainment that will benefit both residents and visitors alike.
