LV Collective, an Austin-based real estate developer, announced finalizing a 48-story building coming to the Historic Rainey district in 2025.

The new skyscraper, called Paseo, will feature 557 residential rental units, including studio, one-, two- and three-bedroom apartments.

The project required relocating two historic bungalows, which was approved by the Austin’s Historic Landmark Committee last year.

The bungalow originally located at 78 Rainey St. and most recently home to Reina Bar relocated to the south side of the site at 84 Rainey. The bungalow at 84 Rainey St.—built around 1905 and most recently used as office space and the House Party bar—was moved just southwest of the Paseo site.

Approximately 20 units will be designated for affordable housing, and the ground floor will feature several food and drink concepts.

The project will include several amenities for residents, such as a private rooftop pool, a hot tub and a lounge on the 48th floor; a fitness center; a yoga studio; and saunas.

LV Collective owns several multifamily towers throughout Austin, including Moontower, Waterloo, The Ruckus and The Ruckus 2.0.