Austin developers Pearlstone Partners will invest more than $700 million in current and planned projects across the city in the next three years, the company said Tuesday.
The cost to complete Pearlstone's current and planned projects in the next 36 month will add to the more than $600 million Pearlstone has already invested in Austin development. The company initially made its mark on the local landscape with Parkside at Mueller, a high-density, mixed-use development at 1808 Aldrich Street in the planned community. Parkside, which is scheduled to be completed in the first quarter of 2024, will include 200 luxury residential units (all sold out, according to the company) and 225,000 square feet of ground-floor commercial space.
The 41-story Vesper tower, Pearlstone's high-profile project in Downtown's Rainey Street area, is also well on the way to completion. Sixty percent of the building's 284 luxury condos — which total 275,570 square feet — are now sold, according to the company. Prices for the residences, which include one- and two-bedroom units as well as penthouses of 697 to 1,773 square feet, range from $540,000 to more than $1 million. The high-rise at 84 East Avenue is scheduled for a second-quarter 2024 completion.
Montage South Lamar marks Pearlstone's foray into the 78704 zone. The five-story condo complex at 2323 South Lamar Boulevard will have studio and one- and two-bedroom units in addition to more than 6,000 square feet of ground-floor retail space. Condo prices range from $530,000 to more than $1 million.. Sales are expected to launch in September, and the development is scheduled for completion in the second quarter of 2025.
Finally, Pearlstone is raising investment capital to develop a three-building condominium community in West Downtown with the placeholder name of Pressler. The complex at 300 Pressler Street will have 247 residences and approximately 302,000 square feet of residential and commercial space, "designed to meet market demand," according to Pearlstone. An early 2024 groundbreaking is expected, with a projected completion in the second quarter of 2026.
