Austin American-Statesman writes, "Pearlstone Partners is doubling down on its commitment to growing in Austin.
Over the next three years, the Austin-based real estate investment firm said it plans to add three new projects totaling upwards of $700 million to its expanding portfolio. The new developments will further redefine the skyline and urban living in the city, Pearlstone officials say.
The privately held Pearlstone — one of the largest providers of for-sale housing in and near downtown Austin —already has invested about $500 million in two completed residential projects and three that are under construction.
Now, it is seeking capital partners for three future projects. The planned projects will add an additional $700 million to Pearlstone's portfolio, for a total of about $1.2 billion among the eight developments combined, said Chris Zaiontz, Pearlstone’s senior vice president of real estate.
The new projects are a condominium development planned for 247 residential units at 300 Pressler St. off West Fifth Street; 62 East, a 215-unit apartment tower planned for the Rainey Street District downtown; and 14th & Lavaca, a 250-unit condo tower that Pearlstone plans to build one block south of the Texas Chili Parlor.
“These iconic new places ensure Pearlstone’s long-standing reputation for quality in Austin,” Robert Lee, CEO and principal of Pearlstone Partners, said in a recent news release. “We are firm in our commitment to the vibrant Austin community through planning and development in the next three-plus years.”
Pearlstone’s projects that are now under construction are:
- Parkside at Mueller (all 200 luxury condo units are sold); The project is at 1808 Aldrich St., in the Mueller master-planned community (the site of Austin's former airport just northeast of downtown). Parkside is due to be completed in the first quarter of next year.
- Vesper; a 41-story tower at 84 East Ave. that will have 284 condominiums. Vesper is due to be finished in the second quarter of next year. Sixty percent of the residences are sold, Pearlstone said. The one-bedroom residences range from 697 to 1,074 square feet; the two-bedroom units range from 941 to 1,444 square feet; and penthouses have 1,361 to 1,773 square feet of space. Amenities include a rooftop swimming pool, fitness center, co-working space, dog park, 24-hour concierge and valet parking. Prices range from $540,000 to more than $1 million. Vesper is due to be completed in the second quarter of 2024.
- Montage South Lamar, a condo project under construction at South Lamar Boulevard and Bluebonnet Lane. It will have 179 total residences, along with more than 6,000 square feet of ground-floor retail space. Sales are expected to launch in September with prices ranging from $530,000 to more than $1 million. The development is scheduled for completion in the second quarter of 2025.
The three projects for which Pearlstone is seeking capital partners are:
- Pressler (a formal name is coming soon). This project, slated for 300 Pressler St., is expected to break ground early next year and wrap up in the second quarter of 2026. Plans call for 247 residences and one commercial space. The development will have a direct connection to the nearby Ann and Roy Butler Hike and Bike Trail.
- 62 East (a formal name is coming soon). Groundbreaking is scheduled for the first half of 2024, with a targeted 2027 completion. Located at 62 East Ave., the tower is due to rise 57 stories and have 215 luxury condominiums. Pearlstone said the building will have the tallest condominium rooftop pool in Austin.
- 14th & Lavaca (a formal name is coming soon). This project, to be located at 300 W. 14th St., is planned for 32 floors of high-density, mixed-use development with about 250 residences. If all goes as planned, it could break ground in 2024 and be completed in early 2027. Pearlstone said the development will blend hospitality with residential, offering buyers flexible homeownership through an on-site hotel operator. Pearlstone is currently in the process of signing on a hotel partner for the project."
Source: Austin American-Statesman
Written by: Shonda Novak
Published: September 22, 2023
Posted by Grossman & Jones Group on
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