AUSTIN – (Realty News Report) – Austin-based Pearlstone Partners and New York-based ATCO Properties & Management have begun construction on a 41-story residential high-rise at 84 East Avenue in Austin’s lively Rainey Street Historic District.
The co-developers have completed demolition of existing structures on the site and are moving forward with construction of the new tower, to be called “Vesper.”
“The word ‘vesper’ can mean ‘evening star’ or ‘evening prayer,’” said Pearlstone Partners CEO and principal Robert Lee. “We selected the name because it reflects the project’s vibe and concept. Vesper will be authentic Austin—celebrating the city’s artisan culture with an unpretentious sense of luxury. Think craft cocktail lounge meets high-desert, Marfa-inspired touches, with nods to the Rainey Street nightlife woven throughout the building.”
Situated on 0.41 acres on the eastern edge of downtown near Interstate 35, Vesper will rise 41 stories as a residential condominium tower.
Vesper will contain 284 residences averaging roughly 975 square feet each. Planned common amenities include a rooftop community clubhouse, sky-deck pool, cabana, outdoor kitchen, fireplace and lounge; a resident fitness studio with dedicated spin and yoga rooms; a sky-level dog park, lawn and dog-washing station; a community courtyard with a communal gathering table; and a coworking space on the ground floor. The rear lobby will incorporate a public art gallery and mural highlighting local artists and will provide direct pedestrian access to Rainey Street’s shops, restaurants, cafes, live music venues and entertainment offerings.
“Austin is an eclectic city filled with highly educated, creative residents who value a relaxed yet sophisticated lifestyle, excellent food, live music and the natural beauty that surrounds them,” said ATCO Chief Investment Officer Neil Adamson. “We believe the name ‘Vesper’ captures the city’s character and ambience, and we’re excited to contribute to this exceptional urban development.”
In alignment with Rainey District affordability guidelines, 10 units at Vesper will be allocated to the City of Austin Affordable Housing Program for households earning up to 80 percent of Austin’s median family income.
Project partners include STG Design as architect; Wuest Group as civil engineer; McCray & Co. as interior designer; dwg. as landscape architect; and AECOMHunt as general contractor. Construction was anticipated to begin in August 2021, with unit deliveries projected in 2024.
Vesper will be marketed by Prospect Real Estate.
Aug. 19, 2021 Realty News Report Copyright 2021
File: 41-Story Tower Underway in Austin’s Rainey Street. STG Design, architect; Wuest Group, civil engineer; McCray & Co., interior designer; dwg., landscape architect; and AECOMHunt.
Rendering: Courtesy Pearlstone Partners and ATCO Properties
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File: (2) 41-Story Tower Underway in Austin’s Rainey Street. Pearlstone Partners; New York-based ATCO Properties & Management; STG Design, architect; Wuest Group, civil engineer; McCray & Co., interior designer; dwg., landscape architect; and AECOMHunt.