New Austin Mayor Steve Adler held a press conference Wednesday to discuss future plans for the Waller Creek Conservancy Project.
Waller Creek spans through central Austin and downtown, as far north as Highland Mall to the Colorado River to the south
The redevelopment project focuses on 28 acres of land near the creek in downtown.
The first part of the plan is flood prevention infrastructure, which will remove those 28 acres from the flood plain.
Next, project officials hope to make the area surrounding the creek a residential, business, and entertainment hub, with green park space.
Many are comparing the project to San Antonio's Riverwalk.
While Mayor Adler says there are similarities, the project will take on a life of its own.
"Until it's built, until you see the pictures and the designs and the architecture at work, it's hard to describe what this project will be. I think when people refer to this as 'Austin's Riverwalk', what they're trying to say is that this is a project that will have that magnitude. This is a project that will be that ingrained into how the city and the community see itself," he said.
Project officials also announced Peter Mullan as a leader of the redevelopment project.
Mullan also helped lead development for New York City's High Line Project.