PSP Investments, Lincoln Property JV breaks ground on Texas’s tallest tower to date

Development partners Lincoln Property Company (LPC) and Kairoi Residential have broken ground on a 74-story mixed-use high-rise called Waterline in downtown Austin that will become the tallest tower in Texas when it opens in late 2026. The Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, is the main equity partner in this major development project.

Located at 98 Red River St., Waterline will extend 1,022 feet above a lush 3.3-acre campus near the intersection of Waller Creek and Lady Bird Lake.

Targeting LEED Gold certification throughout the building, the project will include 352 luxury apartment homes, 700,000 square feet of office space and the 251-room 1 Hotel Austin.

“Downtown Austin offers one of the most dynamic markets and skylines in the nation, and we’re excited to help drive its ongoing transformation,” said Seth Johnston, a senior vice president of LPC in Austin. “Waterline ma