Pearlstone Partners Breaks Ground in Austin
The company also secured a $154.5 million loan for the luxury project.
Pearlstone Partners has secured a $154.5 million loan to construct The Belvedere, a luxury condominium development in downtown Austin. Benefit Street Partners provided the financing for the project, which broke ground on March 25.
The three-building, 158-unit community is expected to be completed in August 2027. Located at 300 Pressler St., homes will range from one- to three-bedroom layouts.
The residences’ amenity package includes a resort-style pool, a lap pool, fitness studios, an on-site restaurant, coworking spaces, 24-hour concierge services, a pet lounge with a grooming station, a theater room and a residential lounge. All together, the community will include 299,373 square feet of residential and commercial space.
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KTGY and Kim Lewis Designs designed the project. It will also feature a three-acre urban green space with direct access to the Butler Hike-and-Bike Trail. Pearlstone has further invested $1.5 million into a park on The Belvedere lawn, including new bikeways, upgraded sidewalks and improved public access.
Homes are set to range from $800,000 to $3 million.
Other Austin projects
Nearby to The Belvedere is the newly completed 345-unit community, Rivette Tower, modeled after a former airport control tower. Spanning 538,000 square feet, this community features two mid-rise buildings, ranging from three to five stories, just northeast of Austin.
Also in the Austin area, Dominium is in the process of building Anson Crossing, a 312-unit affordable housing community in Maxwell, Texas. The project marks the company’s seventh development in the state.
