Called the Legacy on 11th project, it will bring new commercial, retail and residential development to the area while maintaining historic businesses such as the Victory Grill."The project is going to change the face of E. 11th and restore it to the days of the 20s, 30s and 40s when it was huge entertainment and business street," says Matt Mathias, a principal of Riata Partners, which is developing the site for the Austin Revitalization Authority. The authority is a nonprofit organization governed by a 30-member board.

"At this point, we're about 48% committed on letters of intent," Mathias tells GlobeSt.com. "We just got back our construction pricing so we'll be attempting to turn those letters of intent into leases."

The $17-million development's commercial portion will boast 95,000 sf, with retail on the first floor and offices on the upper floors. The residential component will consist of 15 townhomes and nine live-work units, which will have an office or studio on the first floor and living quarters upstairs. The building also has a two-level parking garage. The project includes a new streetscape with pavers featuring inlaid Texas stars and sidewalks 15 feet to 18 feet wide. Capital Metro is putting $1.2 million toward that part of the project. An archway over 11th Street near Interstate 35 will be the entry to the area. People can check the time on a clock tower at Navasota Street.