The 2.7-acre property is owned by the University of Texas. The UT System board of regents authorized the lease agreement with H-E-B at its meeting Feb. 26.
In a statement, H-E-B said it "is thrilled to be awarded the opportunity to bring a long-awaited store to West Austin at 715 Exposition Blvd."
"The process now begins to engage with the City of Austin, University of Texas, community leaders and neighbors to ensure we provide our future customers with a state-of-the-art shopping experience that will be a welcome addition to the West Austin community," the statement read.
No opening date for the new store has been announced.