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Old Posted Sep 21, 2022, 5:07 PM
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Urbannizer Urbannizer is offline
Join Date: Jan 2009
Location: Downtown (West End) 78701
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Cool AUSTIN | Waterloo Park Central | FT | 37 FLOORS X2

Here’s the Latest Look for Downtown Austin’s HealthSouth Redevelopment

The 1.73-acre city-owned downtown property at 1215 Red River Street, formerly home to the HealthSouth Rehabilitation Hospital, is the lesser-known cousin of the significantly larger Central Health redevelopment — the latter project’s bringing a roughly 14-acre planned unit development with commercial and residential uses under the auspices of the University of Texas and Dell Medical School’s “Innovation District” branding to the former home of Brackenridge Hospital over 10 to 15 years.

But despite its lesser size, the HealthSouth project’s current planning phases have caught more headlines lately due to efforts by some members of Austin City Council to extract more affordable housing from developers Aspen Heights Partners, who won the contract for the site’s mixed-use redevelopment last year. Negotiations are reportedly still ongoing, with Council voting earlier this summer to kick the can down the road until its upcoming September 29 meeting, but it’s clear that the developer’s vision of the project has already changed significantly. After purchasing a quarter-acre property at 614 East 12th Street directly adjacent to the HealthSouth tract, Aspen Heights is now reportedly able to fit two residential towers at the assembly rather than one office and one residential tower as previously planned. We’ve got a new look at the design for the site from Aspen Heights’ equity partners Texas Growth Fund, and sources connected to the project have confirmed these renderings.

Two 37-story residential apartment towers with 921 units and over 772,000 square feet of living space.

28,000 square feet of retail space including a gourmet food hall and indoor live music venue.

30,000 square feet of elevated outdoor plaza that provides an amenity and connects the two residential structures, optimized to both contribute to and enjoy the 12th Street Capital View Corridor.

The site is expected to complement and benefit from the multiple sources of demand that immediately surround it. The mixed-use project site is directly across the street from Austin’s newly-developed 11-acre central park. The $94 million Waterloo Park and its 5,000-seat outdoor Moody Amphitheater are at the center of the city that is widely known as the “Live Music Capital of the World.”

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