The Right Angle: 8 Permits Clear for 476 Apartments on East 5th

Austin, Texas issued eight building permits on Nov. 9 for The Right Angle, the 476-unit apartment project at 2700 E. 5th St. in East Austin, according to city permit records tracked by ATX Things. The permits cover the apartment wings, a parking garage with a pool deck on level five, and a ground-floor retail and restaurant shell. They arrive more than two years after the date an earlier, bigger plan for the same site was supposed to be finished.

That is the short version. The longer one is why this lot, a wedge of land between East 5th Street and a freight rail line, has taken this long, what the filings actually say, and what they do not.

What did the city approve on Nov. 9?

Eight permits, numbered 2026-121167 BP through 2026-121174 BP, all issued Nov. 9, 2026, all listed as Active, all in Council District 3, all with Andres Construction Services, LLC as the contractor. Read as a set, they describe one building cut into pieces for review:

Source: City of Austin permit records, issued 2026-11-09, as synced to the ATX Things database on Nov. 12, 2026.

A "shell" permit means the structure of a commercial space, not a finished restaurant. Nothing in these records names who will operate the ground floor.

Who is behind The Right Angle, and what is it?

The developer is LV Collective, the Austin multifamily company formerly known as Lincoln Ventures. Its own project page describes a five-story building with 476 rental homes (studios, one- and two-bedrooms, and some live-work units), 640,962 square feet, and 10 percent of the homes designated affordable. Amenities it lists include a rooftop pool, co-working rooms, a yoga studio, saunas and cold plunges, a bike repair shop and dog-friendly spaces. Street-level retail is "anchored by Daydreamer Café and a restaurant," per the developer.

The Real Deal reported in December 2025, citing a Texas Department of Licensing and Regulation filing, that the building will fill a triangular plot between 5th Street, Pleasant Valley Road and the Austin Area Terminal Railroad. It put construction at a June 2026 start and completion in September 2028. Our own records show the project first appearing Dec. 10, 2025, with the $106 million estimate.

We have not confirmed that dirt is moving. The permits make a start possible. They do not tell us the date.

Why did this site stall for three years?

AI-generated illustration, not a photo of the site.

The record is public, if scattered:

• 2021: LV bought the 4.3-acre site, according to county records cited by The Real Deal.
• 2022: The first plan was bigger: 625 rental units, townhouses and duplexes, two floors of co-working space and a grocery store, at an original cost of almost $134 million, with a hoped-for finish in summer 2024.
• Late 2023: A multifamily tracker from MMG Real Estate Advisors listed the project as "planned" at 508 units.
• December 2025: The state filing came in at 476 units and $106 million, with a September 2028 finish.

The developer's CEO, David Kanne, had said earlier in 2025 that grocery, retail and office space would meet stronger demand than a purely residential rental building, The Real Deal reported. The same article says Kanne could not be reached to explain the reduced plan. We have not contacted LV for this piece, so we cannot say why the plan changed.

What does it mean for East 5th Street?

If the developer's description holds, the corner gets 476 more households, a coffee shop and room for a restaurant, plus the traffic, parking and rent questions that come with a building this size. Whether that is good news depends on where you live and what you pay now. We have not been to the site, and we are not going to guess at the block from a desk.

Two things to watch, both checkable:

1. The restaurant shell. The permit covers the empty structure only. A tenant announcement, or a later permit naming one, would be the sign. Our coming soon page tracks pending liquor-license filings for bars and restaurants by ZIP, if the restaurant ever files one.
2. The garage and the pool deck. Both are in the same eight-permit package. The developer says the parking is above grade with direct access to residential floors, and the rooftop pool sits on level five.

What locals should know

• The eight permits are real and active as of Nov. 12, 2026. The cost they list is not.
• The earlier version of the project had 149 more units, per The Real Deal's reporting on the 2022 plan (625 versus 476).
• Daydreamer Café is named by the developer for the ground floor. A restaurant is named only as "a restaurant."
• Completion is September 2028 in the state filing. We have not seen anything newer.
• We have not visited the site for this piece.

FAQ

How many apartments are planned at 2700 E. 5th St.? The developer's project page and the state filing reported by The Real Deal both say 476 rental homes.

Who is building The Right Angle? LV Collective is the developer. The permits name Andres Construction Services, LLC as the contractor.

When will it open? The state registration estimated completion in September 2028. That is an estimate from a filing, not a leasing date.

What is the $106 million figure? It is the project's estimated cost in the state registration, reported by The Real Deal and the neighborhood press. The city permits list $1 million each, which does not reflect the cost.

Is a restaurant confirmed? A retail or restaurant shell is permitted. The developer names Daydreamer Café and one unnamed restaurant concept. No operator has been announced for the restaurant.

We are watching for the next permits and any tenant news. This desk publishes twice a day, morning and afternoon, on what is actually open, actually happening and actually changing.

Sources: City of Austin permit records (2026-121167 BP through 2026-121174 BP); LV Collective, East5th project page; The Real Deal, Dec. 15, 2025; My Neighborhood News, Dec. 16, 2025; MMG Real Estate Advisors, Austin 4Q23. More like this: Austin Development Report, November 2026, 8801 McCann Drive permits, and the live permit and project data on Zabalist.