When Related Companies announced the development of One Ladybird Lake about a year ago, it was envisioned as sleek, 15-story office tower with curvy wraparound terraces and a rooftop bar. Now the Hudson Yard developer is pivoting to residential use for the building, real estate blog Towers reported Thursday. 

The 3.3 acres at 208 Barton Springs Road is now slated to be a 17-story residential building with 297 units — 207 apartments and 86 condos — 14,000 square feet of restaurant and retail space on the first two floors, and three levels of underground parking. The 3.3-acre site, currently a parking lot for the Hyatt Regency Austin hotel located between the First Street and Congress Avenue bridges, has 750 feet of waterfront — the development of which, Towers notes, will involve negotiation around the $25 million boardwalk that Texas Department of Transportation is obligated to build there to compensate for parkland that will be sacrificed to the widening of I-35 through Central Austin..

New York architecture firm Kohn Pedersen Fox redesigned One Lady Bird Lake, according to Towers, and it's unclear how involved in the project Related — the firm behind the development of New York's Hudson Yards — will continue to be.