Austin Business Journal reports, "Pearlstone Partners has secured a $154.5 million construction loan for its latest downtown condo project, which broke ground March 26.
The Belvedere, a 158-unit condo in west downtown, is Austin-based Pearlstone’s first to break ground in the city since co-founder and CEO Robert Lee retired earlier this year.
Pearlstone, which is known for its luxury condo projects, secured the construction loan through New York-based Benefit Street Partners, according to an announcement.
Located on around 3 acres at 300 Pressler St., The Belvedere will be almost 300,000 square feet in total. Its 158 condos will range in size from 766 square feet to 2,488 square feet, with one-, two- and three-bedroom floor plans. They'll be priced from $800,000 to $3 million.
Reservations open in April, and sales will be managed by The Portfolio Edition Real Estate Group by Christie's International Real Estate.
The Belvedere is expected to be complete in August 2027. GC Summit Design + Build LLC is the project’s general contractor, while KTGY is the architect and Kim Lewis Designs is the interior designer.
Pearlstone announced in January that it had a minority interest in Christie’s Texas affiliate, @Properties Lonestar, and the two companies launched the Portfolio Edition brokerage team to handle sales and marketing for Pearlstone projects.
Additionally, Pearlstone will invest $1.5 million into a park on The Belvedere’s lawn to upgrade sidewalks, build new bikeways and improve public access. It will have direct access to the Butler Hike-and-Bike Trail around Lady Bird Lake.
Pearlstone has had a busy year. Its Parkside at Mueller and Vesper developments both opened last summer, said Chris Zaiontz, Pearlstone president, and its Zephyr Residences project is now selling condos with an opening set for summer 2025.
The company's co-founders, Robert and Emily Lee, both retired earlier this year. Founding partner and former-president Bill Knauss moved into the CEO role, and Zaiontz was promoted to president.
The leadership change could see Pearlstone expand outside of Austin, where all of its attention has traditionally been focused. Zaiontz said in January that development in Houston and San Antonio make sense, but the Dallas-Fort Worth area has the “highest likelihood of something happening quickly” because of its strong market viewed as ideal for Pearlstone's luxury products."
Source: Austin Business Journal
Written by: Cody Baird
Published: March 28, 2025
Posted by Grossman & Jones Group on
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