First buyers move into 41-story Vesper condo tower with 284 units in downtown Austin

Shonda Novak, Austin American-Statesman
5 min read
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Amid the ongoing high-rise building boom in downtown Austin, one of the newest residential towers is welcoming its first residents.

Vesper, a 41-story luxury project with 284 condominiums, began its first phase of move-ins. Vesper is at 84 East Ave. in the popular Rainey Street District on downtown's southeast side and overlooking Lady Bird Lake.

The developers are Austin-based Pearlstone Partners and New York-based ATCO Properties and Management. Prospect Real Estate is marketing the units.

Prices range from $545,000 to more than $2 million.

The first residents are moving into Vesper, a condominium tower that brings 284 luxury units to the Rainey Street District in downtown Austin.
The first residents are moving into Vesper, a condominium tower that brings 284 luxury units to the Rainey Street District in downtown Austin.

With 67% of the condos sold, Prospect will continue as Vesper's sales agency. Prospect has sold more than $1.2 billion in locally developed real estate, including homes, single-family communities and condominium developments.

“There’s a significant portion already spoken for (in Vesper), which is a promising sign for prospective buyers,” said Tayler Davis, marketing director for Pearlstone Partners. “We have been extremely pleased with Prospect Real Estate’s sales efforts and believe sales will accelerate even more now that buyers are able to move in.”

More: Check out the new 43-story residential tower topping out in the Rainey Street District

Rainey Street, once a blue-collar district and now teeming with bars and restaurants, has seen consecutive waves of high-rise residential, hotel and other development since the city rezoned it for high-density uses in the mid-2000s.

More: Despite economic worries, Austin still 'one of the best markets in the country'

Vesper's condos range from one-bedroom units to one-bedrooms with a den, two-bedroom units and penthouse units. Amenities include a rooftop swimming pool and lounge, a fitness center, co-working spaces, a dog park and washing station, and a 24-hour concierge.

More: 5 major towers are set to open in downtown Austin in 2024. Check out what's planned

Vesper's amenities include a rooftop swimming pool and lounge, a fitness center, co-working spaces, a dog park and washing station, and a 24-hour concierge.
Vesper's amenities include a rooftop swimming pool and lounge, a fitness center, co-working spaces, a dog park and washing station, and a 24-hour concierge.

Several Austin muralists have been commissioned to collaborate on a large-scale mural outside of the building that will face Rainey Street.

More: Demand for office space continues to struggle, while downtown Austin living in high demand

Commissioned artists are Rex Hamilton, Adrian Landon Brooks, Kel Brown, Sadé Lawson, Matthew Rodriguez, Sophie Roach and Will Bryant.

Vesper's condos range from one-bedroom units to one-bedrooms with a den, two-bedroom units and penthouse units.
Vesper's condos range from one-bedroom units to one-bedrooms with a den, two-bedroom units and penthouse units.

Vesper's architect was STG Design, with interiors designed by McCray & Co.

Vesper is the second residential development being completed this spring and summer from Pearlstone Partners.

More: For Pearlstone Partners, $700 million in new investment is on tap for Austin market

Parkside in Mueller, at 1808 Aldrich St. in the Mueller neighborhood northeast of downtown and the site of Austin's former Robert Mueller Municipal Airport, will begin moving residents in this summer. Parkside has 200 residential units plus ground floor commercial space.

In downtown Austin, Vesper is among several high-rise projects under construction in the Rainey Street area:

  • Kairoi Residential, based in San Antonio, is partnering with Lincoln Property Group on Waterline. That's the 74-story Austin skyscraper being built on Red River Street that will become the tallest tower in Texas. The 1,022-foot-tall Waterline will have 352 apartments, 700,000 square feet of office space, retail and restaurant space, and a 251-room 1 Hotel Austin, the first 1 Hotel brand in Texas.

More: Work starts on Austin tower destined to be tallest in Texas; project's name revealed

  • Paseo is a 48-story downtown apartment tower under construction at 80 Rainey St. It will have 557 apartments and is due to open in late 2025.

  • The Modern, a 56-story condo tower at 610 Davis St., is being developed by Kevin Burns, an Austin real estate broker who specializes in downtown condo sales and development.

More: 55-story condo tower moving forward in Austin's Rainey Street district

Burns and other local market experts say the demand for downtown living in Austin remains strong, despite the slump in the office market as many employees continue to work remote or hybrid. Many people are drawn to the downtown lifestyle, because it puts them where the action is.

More: Demand for office space continues to struggle, while downtown Austin living in high demand

With its plethora of dining, arts and entertainment options, and access to the popular hike-and-bike trail along Lady Bird Lake, "downtown Austin provides such a high quality of life," Burns told the Statesman last year, in commenting on the residential market in the central business district.

Perry Lorenz , a longtime downtown Austin landowner who has co-developed a number of downtown condo projects, said those who live in the high-end condos downtown "have plenty of money" and want to live downtown — whether its office buildings have employees working in them or not.  Lorenz pioneered some of the earliest residential buildings, both downtown and in East Austin.

"Lifestyle is the primary driver of downtown living, not office vacancy rates," Lorenz said. "People like the lifestyle; they like the hike-and-bike trails; they like the good restaurants. They're not there because they work downtown necessarily."

When Lincoln and Kairoi broke ground on Waterline in late 2022 amid talk of a possible recession, a Kairoi executive expressed confidence in Austin's long-term growth.

Vesper joins other high-rises — including apartments and hotels, both built and under construction — in downtown Austin's Rainey Street District.
Vesper joins other high-rises — including apartments and hotels, both built and under construction — in downtown Austin's Rainey Street District.

"Austin still possesses an unparalleled lifestyle, an incredibly educated workforce, and it enjoys the advantages afforded by Texas’ tax and regulatory environment," Michael Lynd Jr., chief executive officer of Kairoi Residential, said at the time. "These attributes will continue to be attractive to businesses interested in expanding or relocating."

Lincoln and Kairoi have a big stake in downtown Austin. They also developed Sixth and Guadalupe, a 66-story, mixed-use downtown tower that now stands as the tallest building on Austin's skyline. Sixth and Guadalupe has 349 apartments, plus office and retail space.

Lincoln Property also is building the Republic, a 48-story office tower next to Republic Square Park downtown.

More: Austin's tallest skyscraper nears completion with big-name restaurant tenant

This article originally appeared on Austin American-Statesman: Vesper tower opens in downtown Austin with 284 luxury condo units

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