The 41-floor downtown Austin condo tower project at 84 East Avenue has completed the demolition of existing buildings at its 0.4-acre site and officially entered the construction phase. The project is currently scheduled for delivery in 2024. The luxury condo finally got its own official name “Vesper” as Robert Lee, who is CEO of Pearlstone development company, explained the word “vesper” means evening star or evening prayer.
Real International was honored to be invited to participate in the groundbreaking ceremony as a partner.
Vesper will locate on Rainey Street, Austin. It is expected to bring 284 condos to the district at an average size of 975 square feet per unit. Beyond the branding, the most interesting aspect of this project is its targeted pricing, which Pearlstone describes as a sort of “missing middle” for new-build residential towers in downtown — the developer reportedly hopes to price the majority of its units between the $500,000 – $999,000 range, which is nothing to sneeze at but also significantly undercuts similar condo projects in the area, bringing in a market that might otherwise be priced out of a new downtown residence. 10 of Vesper’s units will be reserved for affordable housing through the City of Austin.
The project will bring an interesting feature to the neighborhood by paving its section of the alley between Rainey Street and East Avenue, providing pedestrian access from the building directly to Rainey’s retail district and a rear art gallery space on the ground level of the tower. Paving this alley has been a huge priority for us as a necessary improvement to the district’s walkability for years now, so this project putting some money towards that goal is major.
Currently, our investors have started the unit-selection process. If you have not received the survey from Real International team, please contact us now.
