Ann Piendl, assistant to the owner of Red's Porch, said that the eatery had leased the neighboring 2.26-acre property from property management company ASC Bearcreek Properties.
ASC Bearcreek decided to redevelop the property into Eskew Place, a mixed-use development that includes condominiums.
An ASC Bearcreek representative said there was no official timetable for opening because the company does not know how long the permitting process will take.
He added that there may be office space on the ground floor.
Permits filed with the City of Austin state that the new building is planned to have 69 housing units and cover 98,446 square feet.
Plans were first filed May 3 and formally submitted June 15.
The lot's food trailers have either closed or relocated to other trailer parks, according to the trailers' owners.
French bistro trailer Boxcar Bistro had closed for renovations prior to the announcement and has not relocated.
Burger trailer Collie's moved to Jessie Street Eats at 415 Jessie St. in late October but closed Nov. 3.
Hot dog trailer Honky Tonk Hot Dogs moved to 415 Jessie St. in mid-October.
Tacos La Guera moved to Manchaca Road and Prather Lane and reopened Nov. 5.
Trai Mai Thai relocated to 3908 Manchaca Road.
Scott Angle, owner of Honky Tonk Hot Dogs, said he has tried to get the word out about moving his business through social media.
"We're not starting over because we have a good base, but folks didn't know where we went," he said.