- Related Companies, Christopher Investment Company and Wheelock Capital are developing One Lady Bird Lake, an 18-story, 101-unit condo tower at 125 South First Street, with completion expected in early 2028.
- The KPF-designed building offers 235 feet of waterfront, wellness amenities including a 70-foot pool, and 6,000 square feet of ground-floor retail and restaurant space.
- It joins Austin’s growing luxury condo pipeline, including a Viceroy-branded project and Four Seasons Lake Austin, as Texas buyers warm to vertical living.
Related Companies is the newest developer to join Texas’ luxury condo boom, with a waterfront tower planned in downtown Austin, according to The Real Deal.
One Lady Bird Lake stands 18 stories with 101 homes at 125 South First Street, and completion is targeted for early 2028.
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The Project
New York-based Related, led by Jeff Blau, partnered with Christopher Investment Company and Wheelock Capital. The developers announced the project in a release. KPF is the architect. The team also includes Greg Christopher, CEO of Christopher Investment Company, and Wheelock managing partners Rick Kleeman and Jonathan Paul.
The site offers 235 feet of waterfront. It overlooks the lake and downtown skyline.
Wellness Is the Pitch
Amenities focus on wellness. Residents get a meditation garden and a fitness center equipped for yoga. The spa includes a sauna, steam room, hot tub and cold plunge. There’s also a 70-foot pool.
Meanwhile, the ground floor adds 6,000 SF of retail space for shops and restaurants. Moreland Properties is handling sales from a center at 401 South First Street, which is already open.
A Crowded Lake
Pearlstone Partners is also building Viceroy Residences, a 146-unit condo project on three acres along the same lake. Benefit Street Partners backed the project with a $154.5 million loan.
Further west, TYKO Capital provided an $870M construction loan in June. The financing will help move the long-delayed Four Seasons Lake Austin condos forward. Meanwhile, The Real Deal says Texas buyers are warming to turnkey condo living. That shift is especially noticeable among empty-nesters who once preferred sprawling estates.
Why It Matters
Downtown Austin already has a market for luxury towers. CRE Daily’s brief on luxury towers cited Homes.com data. The city recorded more than 206,000 residential permits from 2020 to 2024, with downtown focused on upscale projects.
The market also recently welcomed the 352-unit Waterline tower. The building topped out at 1,025 feet in September, becoming the state’s tallest. By contrast, One Lady Bird Lake targets a smaller, ownership-focused segment of the same skyline.
What’s Next
Sales are already underway. Therefore, early pricing and sales activity at the 401 South First Street center will offer the first indication of buyer appetite. Delivery is scheduled for early 2028.
