Progress in Austin’s Rainey Street: 41-Story Tower

AUSTIN, –Austin-based Pearlstone Partners and New York-based ATCO Properties & Management have started work on a a 41-story residential high-rise at 84 East Avenue in Austin’s dynamic Rainey Street Historic District.

The co-developers recently completed demolition of the existing structures on the site and construction on the new tower, which will be called “Vesper.”

“’The word ‘vesper’ means ‘evening star’ or ‘evening prayer,’ but we chose the name more for how it aligns with the vibe and concept of the project than its literal meaning,” said Pearlstone Partners CEO and principal Robert Lee. “Vesper will be authentic Austin, embracing the city’s unique artisan culture. It will convey a sense of unpretentious luxury, like a craft cocktail lounge, with a high-desert, Marfa feel and nods to the Rainey Street nightlife mingled throughout the building.”

A 41-story residential condominium tower situated on 0.41 acres on the eastern edge of downtown near Interstate 35.

Vesper will offer 284 residential homes at an average size of 975 SF. Anticipated common amenities include a rooftop community clubhouse, sky-deck pool, cabana, outdoor kitchen, fireplace and lounge; a resident fitness studio, featuring private spin and yoga studios; a sky dog park, lawn and dog-washing station; a community courtyard and gathering table; and a coworking space on the ground floor. The rear lobby is set to feature a public art gallery and mural showcasing works by local artists, with direct pedestrian access to Rainey Street and its many inviting shops, eclectic variety of restaurants and cafes, live music venues and other entertainment options.

“Austin is an enticing, eclectic city filled with highly educated, creative people who revere their laid-back, sophisticated lifestyle, great food, live music, and the natural beauty of their surroundings,” said ATCO Chief Investment Officer Neil Adamson. “We believe the name ‘Vesper ’communicates the city’s true culture and ambience, and we’re excited to be a part of this exceptional urban development.”

In accordance with the Rainey District affordability guidelines, 10 units in Vesper will be dedicated to the City of Austin Affordable Housing Program and reserved for households earning up to 80 percent of Austin’s median family income

Other firms working on the project include STG Design, architect; Wuest Group, civil engineer; McCray & Co., interior designer; dwg., landscape architect; and AECOMHunt, general contractor. Construction is anticipated to begin in August 2021, with units delivering in 2024.

Vesper will be marketed by Prospect Real Estate.