Austin, TX

High Street Residential, MSD Partners, and River Street Partners Break Ground on 700 River, a 43-Story Luxury Residential Tower in Austin’s Rainey District

October 19, 2022

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Elise Maguire Ferrara

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High Street Residential (HSR), the residential subsidiary of Trammell Crow Company (TCC), along with MSD Partners and River Street Partners, broke ground on a 377-unit luxury residential tower in the Rainey District of Austin, Texas, known as 700 River. Rising 43 stories, 700 River will span 400,000 square feet and include 3,400 square feet of ground-floor retail space, along with more than 30,000 square feet of extraordinary resident amenity space. The project is slated to deliver by the end of 2024.

The luxury building will offer a mix of studio to three-bedroom residences, in addition to a limited number of marquee penthouses, all with unobstructed views of Lady Bird Lake. Residences will showcase a stunning, marke- leading collection of luxury finishes and custom design features that will offer a sophisticated living experience unmatched in Austin. Additionally, the 500-foot tower will boast an expansive suite of curated building amenities centered around wellness, comfort, and community, as well as convenient access to lakeside trails and the bustling downtown social and cultural scene.

700 River is located at the intersection of River and Rainey Streets in the heart of the Rainey District. The luxury tower will provide direct access to the Ann & Roy Butler Hike & Bike Trail and the development team is pleased to partner with The Trail Conservancy, formerly The Trail Foundation, as a sponsor for the new Rainey Street Trailhead. Residents will also have access to the best food, music, art, and culture with more than 200 restaurants, bars, and retail establishments within a 10-minute walk, as well as easy direct access to I-35 and East Avenue via River Street.

“700 River will elevate the standard of luxury vertical living in Austin through a thoughtful offering of sophisticated design and service,” said Matteo Pacifici, Principal with HSR’s Austin office. “The tower benefits from remarkable protected views of Lady Bird Lake and the Downtown Austin skyline, as well as ease of access to the best parts of central Austin.”

“700 River represents another important step forward in MSD’s strategy to invest in the long-term growth of the Austin market through transformative real estate projects such as 601 W. 2nd Street downtown and Music Lane on South Congress,” said Jessica Leggett, Austin-based Principal with MSD Partners. “We are excited for the Austin community to experience a new echelon of hospitality-inspired residences, which marry the best of cosmopolitan downtown living with the serenity of water views, lake access and highly-appointed health and wellness offerings.”

“The project is the result of collaboration among a world class team, who have partnered to design a dynamic, forward-thinking building,” said Jon Rioux, Managing Partner at River Street Partners. “It is a true privilege to work with such a talented group of development partners, designers and builders and be a part of this one-of-a-kind project at the crossroads of Lady Bird Lake, Downtown and East Austin.”

HKS served as the project architect with collaboration from Lake Flato Architects. DPR Construction is the general contractor. Other project partners include No Walls Studio, Civilitude, Thornton Tomasetti, Blum Consulting Engineers, Campbell Landscape Architecture, Clodagh Design, and Waldrop +Nichols Studio. The building will seek Austin Energy Two Star Certification, LEED Silver, and Fitwell Certification.

About High Street Residential

High Street Residential, the residential subsidiary of Trammell Crow Company, specializes in the development of multifamily housing. We have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. In the last 15 years, the firm has completed over $2.7 billion worth of development with a current pipeline of over 4,500 units.

About MSD Partners

MSD Partners, L.P. is a leading investment firm focused on maximizing long-term capital appreciation across its core areas of investing expertise – Credit, Private Capital, Real Estate, and Growth. The Firm deploys capital on behalf of Dell Technologies founder and CEO Michael Dell and his family, as well as other like-minded, long-term-oriented investors. Along with MSD Capital, a private investment firm established in 1998 to exclusively manage the capital of Michael Dell and his family, MSD Partners manages over $25 billion of assets and is currently invested in approximately $10 billion of real estate. In addition to 700 River, MSD’s real estate investments include Four Seasons Maui at Wailea and Four Seasons Hualalai in Hawaii, Four Seasons Vail, Fairmont Miramar in Santa Monica, The Boca Raton, Naples Beach Club development (a Four Seasons and Discovery Land Company project), Dallas’ Knox Street redevelopment, over 15,000 multifamily units nationwide, and multiple developments in Austin, notably State House and Music Lane on South Congress Avenue and 601 W. 2nd Street.

About River Street Partners

River Street Partners is a real estate investment and development group based in Austin, Texas specializing in residential, hospitality, and retail properties.

Trammell Crow Company

Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of December 31, 2023, TCC had $15.8 billion of projects in process and $13.3 billion in its pipeline. It employs 650 professionals in 26 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.