Developers of Vesper, A New 41-Story Residential High-Rise Complete Demolition and Begin Construction
AUSTIN, Texas—August 10, 2021. Austin-based Pearlstone Partners and New York-based ATCO Properties & Management today announced their new 41-story residential high-rise at 84 East Avenue in Austin’s dynamic Rainey Street Historic District will be called “Vesper.” The co-developers recently completed demolition of the existing structures and have begun construction.
“’The word ‘vesper’ means ‘evening star’ or ‘evening prayer,’ but we chose the name more for how it aligns with the vibe and concept of the project than its literal meaning,” said Pearlstone Partners CEO and Principal Robert Lee. “Vesper will be authentic Austin, embracing the city’s unique artisan culture. It will convey a sense of unpretentious luxury, like a craft cocktail lounge, with a high-desert, Marfa feel and nods to the Rainey Street nightlife mingled throughout the building.”
“Austin is an enticing, eclectic city filled with highly educated, creative people who revere their laid-back, sophisticated lifestyle, great food, live music, and the natural beauty of their surroundings,” said ATCO Chief Investment Officer Neil Adamson. “We believe the name ‘Vesper ’communicates the city’s true culture and ambiance, and we’re excited to be a part of this exceptional urban development.”
A 41-story residential condominium tower situated on 0.41 acres, Vesper will offer 284 residential homes at an average size of 975 square feet. Anticipated common amenities 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 dog-washing station; a community courtyard and gathering table; and coworking space on the ground floor. The rear lobby will feature 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.
In accordance with the Rainey District affordability guidelines, 10 units in Vesper will be dedicated to the City of Austin Affordable Housing Program and reserved for households earning up to 80% of Austin’s median family income (MFI). In addition, several benefits for the Rainey Street district and the community at large are built into the project, including:
• Paving the alley behind the project and to the south to support pedestrian-friendly access to the Rainey Street Historic District
• Exterior signage and mural to direct visitors from Rainey Street to the public art gallery at Vesper’s rear lobby
• Pearlstone Partners and ATCO Brand Their New Residential High-Rise Located at 84 East “Vesper” Page 2 of 2 – Vehicle access to the site from the IH-35 frontage road to avoid excess traffic on Rainey Street
• Compliance with Austin’s Great Streets Program, which is aimed at improving the safety and quality of downtown streets and sidewalks
• Streetscape design incorporating large planter boxes with full-sized trees and native plants, as well as a shaded sitting area and bike racks, and a100-foot-plus green wall at the northeast corner.
Vesper is being jointly developed by Pearlstone Partners and ATCO. Other project partners include STG Design, architect; Wuest Group, civil engineer; McCray & Co., interior designer; dwg., landscape architect; and AECOMHunt, general contractor. Construction is anticipated to begin in August 2021, with units delivering in 2024. For more information, visit www.VesperATX.com.
Vesper will be marketed exclusively by Prospect Real Estate.
“The Rainey Street District is such a venerable area of Austin, it is a privilege to play a role in responsibly transforming it into the dynamic cultural center it’s destined to be,” said Lee. “Every small detail of Vesper has been thoughtfully planned to respect Rainey Street Historic District’s significance to the Austin story— to create a space where people can live, work and play in the shadow of Austin history while enjoying all that’s good about the city today.”
About Pearlstone Partners
Austin-based Pearlstone Partners is a full-service real estate development firm with more than 100 years of combined experience in the local real estate industry. The company has been responsible for more than $200 million in locally developed real estate and has more than $600 million actively invested in a broad range of commercial projects, including office buildings, condos, multi-family and mixed-use projects in some of Austin’s most desirable areas, with an emphasis on urban properties in pedestrian-oriented locations. Pearlstone Partners engages in the economic development of Central Texas by creating high-quality, profitable real estate development projects. With experience managing every stage of the property development life cycle, Pearlstone is uniquely qualified to execute projects from concept through completion. For more information, visit //www.pearlstonepartners.com.
ATCO is a closely held real estate investment and ownership platform deploying capital in select cities across the United States, with a particular emphasis on urban properties in pedestrian-oriented locations. For over nine decades, ATCO has owned, managed, and developed a diverse real estate portfolio, primarily in and around New York City, and provided a range of services to other real estate owners. ATCO’s real estate operating company includes investment management, development, marketing, architectural design and construction management, property management and commercial and residential brokerage. ATCO’s investment and development portfolio consist of projects in excess of $2.2 billion in gross asset value.