Waterloo Greenway, an urban park system that runs 1.5 miles along Waller Creek from 15th Street to Lady Bird Lake, will soon make its debut.

The first phase—Waterloo Park, an 11-acre park bordered by East 15th, Red River, East 12th and Trinity streets—broke ground in 2017 and will open this spring.

The 10-year, 35-acre project is the result of a public-private partnership between the city of Austin and local nonprofit Waterloo Greenway Conservancy. Its estimated total cost is $250 million, of which approximately $150 million the city committed through bond funding. The conservancy will raise the remaining $100 million from donors and grants.

CEO Peter Mullan previously served as executive Vice President of Friends of the High Line—a nonprofit that founded, funds and oversees the High Line public park in Manhattan.

The second phase will be an overhaul of the Creek Delta portion, which includes nine acres between Lady Bird Lake and 4th Street. It is currently in the design phase and is expected to be completed in 2023.

The last phase includes the middle section of the park system, from 4th to 11th streets, as well as Palm Park, which abuts the Fairmont Austin hotel and the I-35 frontage road, and Pontoon Bridge, which crosses Lady Bird Lake. It will be completed in 2026.

The three-phase development process is under way and expected to be completed in 2026. (Waterloo Greenway)

Waterloo Greenway is named after the city's original name, Waterloo, according to the Austin History Center. It is also the name of a city in Belgium, combining "water" with the Flemish word "loo," which means "sacred wood."