An Austin-based developer plans to break ground Monday on Cascade Condominiums, a $46 million project slated for a hill overlooking North Lamar Boulevard and Pease Park in West Austin.
Pearlstone Partners said its project will be built at West 25th and Longview streets, on a site that formerly housed an office building. The development will have 113 condominiums, along with two office units of just under 2,000 square feet each.
Pre-sales will begin in October, with units priced from $280,000 to $635,000. Jason Botello with Prospect Real Estate is the lead sales agent for the project, which is expected to take 18 months to build.
Emily Lee, founder, principal, and broker for Prospect Real Estate said she expects the project’s location and amenities to appeal to buyers who include “young professionals, downtown or medical district commuters who want to live closer to their
workplaces, buyers with ties to the University of Texas, and empty-nesters.”
Cascade Condominiums will be at 2500 Longview Street, just off Shoal Creek, which was called Cascade Creek by early Austin settlers.
Pearlstone bought the .99-acre site for the project in March 2019. The project will have views of the skyline, a fitness center, a pool and clubhouse, co-working space, and gated parking.
In an email Friday, Robert Lee, CEO of Pearlstone Partners, said his goal is to build a quality project that is priced within reach of buyers earning the Austin area’s median household income.
“The supply and demand for residential real estate in Austin is limited, with a lack of supply in general,” said Robert Lee, who is married to Emily Lee of Prospect Real Estate. “Cascade Condominiums will be one of the lowest-priced options in the
infill area and we anticipate a strong demand for the project.”
He said Pearlstone was drawn to the site “by its setting in a historic, cherished part of the city, just at the western edge of downtown, as well as its proximity to major thoroughfares and a host of shopping, dining, and entertainment amenities.”
Lee said the condo project was designed around a 150-year-old live oak tree and said dozens of mature trees on the site will be preserved.
The architect for the project is Austin-based Mark Hart Architecture, and the general contractor is Bartlett Cocke.
Pearlstone has built other developments in Austin, from condo and apartment buildings to office and mixed-use projects.
The company currently is building NatiivoAustin in the Rainey Street district. The 33-story condo/hotel tower will have 249 units whose owners can rent them out through Airbnb, complete with all the services of a high-end hotel.
Robert Lee said half of Natiivo’s units are sold, and the project is expected to be completed in the third quarter of next year. Units at Natiivo, at 48 East Avenue, are priced from $420,000 to $999,000.
In East Austin, Pearlstone is also building two condo projects, HM and Axiom East.
In its August report, the Austin Board of Realtors said the region’s median home-sales prices rose to all-time highs last month.
Across the Austin-Round region, the median price increased 11.3%, jumping to its highest level on record as half of the homes sold for more than $355,000 and a half for less, the board said.
Within Austin’s city limits, the median home sales price rose 14.9% to an all-time high of $435,000, the board said.