Pearlstone Partners is full speed ahead on its latest project, a 113-condo mid-rise at 25th Street and North Lamar Boulevard, securing in the last few weeks construction financing and a firm to market the units.
Construction started the week of Sept. 21 on the five-story Cascade Condominiums at 2500 Longview St., on the boundary between the West Campus and Old West Austin neighborhoods near Pease Park, and a spokeswoman said the build is expected
to last 18 months.
founder and CEO of Austin-based Pearlstone, said the firm closed on the $26.5 million construction loan earlier this month from Connecticut-based Knighthead Funding LLC and pegged the value of the project at about $50 million. He said it fits
into Pearlstone's goal of creating housing near the urban core that is attainable for a wide spectrum of earners.
Cascade's units will range in size from 572 square feet to 1,461 square feet, with an average size of about 900 square feet, Lee said. Prices will run from $230,000 to $635,000.
Twelve of the units will be designated affordable and reserved for those making 60% of the median family income level in Austin, which is $97,600 in the Austin metro, according to information posted online by Travis County
. Cascade will also
have two ground-floor office units.
The condo project replaces an office building on a hilltop overlooking Shoal Creek. Its name comes from the creek, with some sources pointing to early maps of Austin that labeled it Cascade Creek
It's another example of dense multifamily development outside the Central Business District, as the Austin area's surging population drives demand for such projects. West Campus is already the densest neighborhood in the city, thanks to the high
concentration of students, while, across Shoal Creek, Old West Austin is a long-established neighborhood of mostly single-family houses.