Upscale condo project launches near trail along Lady Bird Lake

Shonda Novak Austin American-Statesman | USA TODAY NETWORK

With a $154.4 million loan in hand, an Austin developer has kicked off construction on the first phase of a six-story luxury condominium project just west of downtown. ● Located at 300 Pressler St., just a few blocks from Austin’s Whole Foods flagship store, the initial phase of the development, called the Belvedere, will have 158 upscale condominiums. ● A second phase will add about 50 more condo units, bringing the total to about 208 for the entire project. ● The projected cost of the first phase is about $235 million. ● The developer, Pearlstone Partners, says the company is investing $1.5 million into a 3-acre public park planned on the Belvedere’s lawn. The park will have a new path and bikeways that will connect to the Lance Armstrong Bike Trail. That trail will then connect under Cesar Chavez to the Ann and Roy Butler Hike and Bike Trail along Lady Bird Lake.

Although not technically downtown – downtown’s western boundary generally is defined as North Lamar Boulevard – the Belvedere comes amid a downtown building boom that has seen scores of new towers, many of them residential high-rises, transform the skyline during the past couple of decades. Currently, however, a 56-story named the Modern in the Rainey Street District is the only condominium tower currently under construction downtown.

Other downtown towers now underway in the Rainey Street area will have apartments, hotel, retail, office space, or a mix of those uses.

In a news release, Pearlstone said it has obtained a $154.5 million loan from Benefit Street Partners for the project.

Pearlstone, which has other projects built, planned and under construction in Austin, is targeting an August 2027 opening for the Belvedere’s first phase. The timing of the second phase is yet to be determined.

Units will range in size from one to three bedrooms. Prices are expected to range from $800,000 to $3 million.

In first announcing the project back in the summer of 2023, Pearlstone’s plans called for 247 units. However, Pearlstone executives say they revised the unit mix “to prioritize larger, more luxurious residences.”

‘Exceptional living spaces’

On March 25, Pearlstone held a groundbreaking event to mark the start of the project’s first phase.

Designed by KTGY, with interiors by Kim Lewis Designs, the Belvedere will have three buildings totaling 299,373 square feet of residential and commercial space.

“We are thrilled to bring The Belvedere to life, a project that blends thoughtful design, luxury and connectivity to Austin’s vibrant urban landscape,” Bill Knauss, Pearlstone’s CEO, said in a statement. “This development reflects our commitment to creating exceptional living spaces that enhance the community while offering an unparalleled lifestyle.”

Loan funds development

Teaming with Benefit Street Partners was “an essential part” of getting the

“We are thrilled to bring The Belvedere to life, a project that blends thoughtful design, luxury and connectivity to Austin’s vibrant urban landscape.”

Bill Knauss

Pearlstone CEO

project off the ground, said Chris Zaiontz, Pearlstone’s president. The $154.5 million loan provided the financing needed for construction to begin.

“Their support and confidence in our vision have allowed us to move forward with this exciting project, and we couldn’t be more grateful for their collaboration,” Zaiontz said in a statement.

The Belvedere’s residences will have a lap pool, a resort-style pool, an onsite restaurant, co-working spaces, 24hour concierge services, fitness studios, a pet grooming station, a theater room, and direct access to the hike and bike trail.

A May 15 opening is scheduled for the Belvedere’s sales gallery at 504 Oakland Ave.

Last year, Zaiontz told the American- Statesman that he expects strong demand for the units, citing the Belvedere’s location in “a premiere, coveted neighborhood,” among other draws.

David Elgart, managing director at Benefit Street Partners and lead banker on the project, said the project “is the result of a strong collaborative effort.”

“We are excited to support the development

“We are excited to support the development of the Belvedere in Austin, a city renowned for its dynamic growth and vibrant community.”

David Elgart

Managing director at Benefit Street Partners

of the Belvedere in Austin, a city renowned for its dynamic growth and vibrant community,” Elgart said.

Pearlstone, a full-service real estate development firm, has been responsible for more than $700 million in locally developed real estate, and has over $900 million invested in its growing portfolio and pipeline. It has developed a broad range of commercial projects, including office buildings, condominiums, and multifamily and mixed-use projects in some of Austin’s most desirable areas.

Its projects include Vesper, a 41-story luxury project with 284 condominiums in the Rainey Street District, and Zephyr, a five-story, 182-unit condo project Pearlstone is developing at South Lamar Boulevard and Bluebonnet Lane.