Pearlstone Partners and ATCO Receive City Council Approval on 41-Story Residential High Rise at 84 East Avenue

AUSTIN, Texas—April 8, 2021. Austin-based Pearlstone Partners and New York-based ATCO Properties and Management announced they have received final approval for a density bonus for their newest multi-family condominium development at today’s Austin City Council meeting. Currently referred to as “The East Tower”, the developers plan to release the formal name and branding at a later date. The East Tower is to be constructed at 84 East Avenue in Austin’s dynamic Rainey Street Historic District. Co-Developers, Pearlstone Partners and ATCO Properties, expect to break ground on the project this summer, with completion projected for first quarter 2024. The 41-story condominium tower, situated on 0.41 acres is expected to offer 284 residential homes at an average size of 975 square feet. The East Tower plans will feature several community and Rainey Street District benefits that are highlighted below: • In accordance with the Rainey District affordability guidelines, 10 units will be dedicated to the City of Austin Affordable Housing Program and will be reserved for households earning up to 80 percent (80%) of Austin’s median family income (MFI). • The alley running behind the project and to the South will be paved to further support and provide a pedestrian friendly connection to the Rainey Street District. • An exterior mural and sign visible via a public access easement will direct visitors and residents from Rainey Street to the public art gallery located adjacent to the rear lobby. • The East Tower is thoughtfully designed to allow vehicles to access the site from the I-35 frontage road and avoids adding additional vehicular traffic to Rainey Street. • Compliance with Great Streets by fee-in-lieu due to the location and proximity to IH-35 and TXDOT Right-of-Way not allowing for full Great Streets. In addition to paying the fee-in-lieu, the ground level of The East Tower has been moved back to incorporate a more pedestrian friendly streetscape. • The streetscape was designed by dwg. and will feature several large planter boxes with full sized trees and native Texas plants, as well as, a tree-shaded sitting area for passers-by and bike racks. At the northeast corner, planter boxes and a vine cabling system will create an over 100-foot-tall green wall adding life and vibrancy to the area. Anticipated common amenities for The East Tower include a rooftop community clubhouse, sky-deck pool, cabana, outdoor kitchen, fireplace and lounge; a resident fitness studio, featuring private spin and yoga studios; a sky dog park, lawn and washing station; a community courtyard and gathering table; and a ground floor co-working space. The rear lobby features a public art gallery and mural showcasing works by local artists, with direct pedestrian access to Rainey Street and its many inviting shops, eclectic variety of restaurants and cafes, live music venues and other entertainment options. Pearlstone Partners and ATCO Receive Approval from City Council on 41-Story Residential High Rise at 84 East Avenue Page 2 of 2 The East Tower will be less than a mile from the Austin Convention Center, a mile and a half from the Texas State Capitol, two miles from The University of Texas at Austin, and just steps away from the coveted Ann and Roy Butler Hike-and-Bike Trail, which stretches more than 12 miles around Austin’s venerable Lady Bird Lake. With close proximity to major employers—including Google, Facebook, Atlassian, Parsley Energy, Indeed Tower, Oracle and many independent start-up firms, as well as to UTAustin and the State Capitol Complex—The East Tower will offer an ideal live-work-play lifestyle. The architect for The East Tower is STG Design, the civil Engineer is Wuest Group, the interior designer is McCray & Co, and AECOMHunt is the intended general contractor. The property will be marketed exclusively by Prospect Real Estate. “Pearlstone Partners is excited to continue to invest in the Rainey Street District and provide a project that will appeal to a wide array of buyers including young professionals, empty nesters, and anyone else who is attracted to the area’s energy, culture and urban, pedestrian-friendly lifestyle,” said Pearlstone Partners CEO and Principal Robert Lee.