An Austin-based developer plans to start construction next year on a 48-story residential tower in the Rainey Street district on downtown Austin’s southeast side. The proposed high-rise would add to the ongoing building boom in the Rainey Street area, and in downtown in general.
Pearlstone Partners plans to build the tower on two adjacent tracts that span from 62 East Ave. to 64 East Ave. Although plans are still preliminary, Pearlstone executives say they envision a tower with 48 stories and 245 condominium units, although those numbers “could all very much change as we move through the design process,” said Chris Zaiontz, a Pearlstone senior vice president and principal.
The project still needs to wind its way through the city of Austin’s development review process. Zaiontz said Pearlstone will be required to go through the city’s downtown density bonus program in order to achieve additional height and square footage for the project.
Under the current timetable, the building could break ground in late 2023, with a targeted completion date in 2026.
Pearlstone is an active developer in the Austin market, and the new East Avenue project it plans would be its third in the Rainey Street area. It has developed several residential projects in Austin in recent years, and it has three condominium projects with just over 600 units combined now under construction.
One of those is Vesper, a 41-story high-rise in the Rainey Street area that will have 284 condo units at 84 East Avenue. Pearlstone is developing Vesper with New York-based ATCO Properties & Management. Vesper is due to be completed in the second quarter of 2024, and more than half of its units have been sold, according to Pearlstone.
Also in the Rainey area, Pearlstone has completed its Natiivo Austin project. Natiivo is a 33-story hotel/condominium tower with 249 units. The project represents a new concept in short-term rentals and in the hotel industry, and is the first of its type to debut in Texas, Pearlstone and its Natiivo partner, Miami-based Newgard Development Group have said.
Elsewhere downtown, Pearlstone plans to break ground in the third quarter of next year on a tower at 14th and Lavaca streets that would have about 225 residences, plus ground-floor commercial space.
Other Pearlstone projects currently under way include the 115-unit Cascade project at 2500 Longview St., as well as the 200-unit Parkside at Mueller, located at 1701 Simond Ave. in the Mueller development that replaced Austin’s former airport.
In April, Zaiontz told the Statesman that Pearlstone intends to break ground over the next 24 months on five projects that will deliver more than 1,000 residential units in and around downtown Austin. Those include 2500 Willow, which will add about 300 condo units to the rapidly gentrifying East Riverside area. Demolition work on the Willow site -- at 2500 Willow Hill Drive off East Riverside Drive and Pleasant Valley -- is due to begin this month.
Pearlstone executives have said the value of its locally developed real estate totals more than $600 million, and said the company has invested more than $700 million in its growing pipeline of future projects.
Source: Austin American-Statesman
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