Austin is set for a major transformation with the launch of the River Park mixed-use development, a sprawling $4 billion project that promises to reshape the southeast Riverside neighborhood. The first phase of this massive development is kicking off with the introduction of a new 65,000-square-foot live music venue, a clear nod to the city’s deep musical roots. Located at the northwest corner of East Riverside Drive and Crossing Place, this venue will be larger than the former Austin City Music Hall, which was demolished to make room for office space. As the “Live Music Capital of the World,” Austin’s thriving music scene will surely embrace this new addition.
Spanning 109 acres, River Park is one of the largest mixed-use developments Austin has ever seen. Over the next 10 to 20 years, this project will gradually introduce a variety of elements, including retail stores, office spaces, entertainment hubs, and residential units. The development team aims to make River Park a pedestrian-friendly community, with a series of connected walkways and trails weaving through the area, which is bounded by the Roy G. Guerrero Colorado River Metro Park, East Riverside Drive, Pleasant Valley Road, and Country Club Creek. Over 30 acres of green space, including a linear park and greenway, will provide a natural balance to the urban development and connect the park to the planned Riverside transit station.
River Park has faced its share of controversy, particularly from local residents in the Riverside neighborhood. Initially, many community members voiced opposition to the development, worried it would transform the area into what some called the “Domain on Riverside.” For those unfamiliar, the Domain is a massive commercial and residential district in North Austin known for its luxury shopping and upscale living spaces. Residents feared that River Park would similarly drive up property values, accelerate gentrification, and displace long-time residents. Many locals also expressed frustration that they were not sufficiently informed about the rezoning efforts that allowed the project to move forward. Despite these concerns, the Austin City Council gave its final approval for rezoning the area in October 2019, clearing the path for River Park’s development.
In response to the community’s concerns, the development team made efforts to address issues of gentrification and affordable housing. Shortly after securing rezoning approval, the River Park team reached an agreement with the Ending Community Homelessness Coalition (ECHO) to provide housing for 100 homeless individuals for up to five years. This commitment is in addition to the developers’ pledge to include more than 400 income-restricted affordable housing units within the project. While this does not completely alleviate fears of rising costs and displacement, it demonstrates the team’s effort to ensure that the development benefits a broad range of residents.
For Austin’s real estate market, River Park is more than just a new development—it’s a reflection of the city’s explosive growth and its increasing demand for housing, entertainment, and community spaces. As the tech industry continues to attract new residents, Austin’s population has boomed, driving the need for developments like River Park to accommodate the influx. The project’s combination of housing, retail, office, and green spaces is designed to meet the demands of this growing city while maintaining a focus on sustainability and pedestrian accessibility. The development will also bring a diverse range of housing options to the area, including market-rate apartments and income-restricted units. For many buyers and investors, River Park presents an exciting opportunity to be part of a major transformation in one of Austin’s fastest-growing areas.
The Riverside neighborhood, already undergoing significant changes due to the city’s growth, will be further impacted by the River Park project. While concerns about gentrification remain, the inclusion of affordable housing units and the partnership with ECHO highlight the development team’s awareness of the community’s needs. By blending urban living with green spaces, pedestrian walkways, and public transit access, River Park is poised to become a key player in Austin’s real estate landscape. This ambitious project will likely draw attention not only from potential residents but also from businesses and investors eager to tap into Austin’s ongoing growth.
As construction on River Park progresses, it’s worth keeping an eye on how the development impacts both the Riverside neighborhood and the broader Austin real estate market. With its first phase—including the highly anticipated music venue—now underway, the area is set to become a focal point for Austin’s continued expansion. Whether you’re interested in investing in the area or simply looking forward to seeing the transformation unfold, River Park is a project that will shape Austin’s future for decades to come.
Interested in learning more about Austin’s real estate opportunities, including those near River Park? Call or Text Brendan Sanford, the best realtor in Austin, today at (512) 696-0673, or email at [email protected].