AUSTIN, Texas—February 7, 2022. Pearlstone Partners — a full-service real estate development firm with more than 100 years’ combined experience in the local real estate industry — is pleased to report a 200% increase in year-over-year growth from 2020 to 2021, with projects in development and under construction doubling. Since 2018, Pearlstone has invested $605 million in project value delivered and/or under construction. As of year-end 2021, the company had approximately 819,000 net rentable square feet and 856 residences under construction.
“We at Pearlstone Partners have strategically kept the costs of our units below 20% of the average market rate for new-construction housing in the same neighborhoods, while still offering an increased quality of life through premier value, amenities and location,” said Pearlstone Partners CEO and Principal Robert Lee. “Our goal is to make living in Austin’s urban core attainable for people who have been traditionally shut out of that market by high pricing.”
Currently, Pearlstone has more than 1,700 residential condominium units in their construction and development pipeline and is looking at additional site opportunities to increase that number. This is exceptional news for Austin’s attainable housing supply and will help reduce urban sprawl within the city, with total of 324 Pearlstone residences hitting the market in 2021 and another approximately 360 residences scheduled for delivery in 2022. The economic impact of the company’s projects in 2021 totaled $188 million.
Pearlstone set lofty goals for 2022 that are sure to keep the momentum going:
Launching:
Natiivo Austin (48 East Avenue, Austin). Pearlstone’s development in the Rainey Street Historic District has fully contracted on all 248 residences and will close with those buyers throughout the first quarter of 2022. The on-site hospitality management partner will begin operations shortly afterward for buyers who elect to participate. Their flexible model combines the benefits of ownership with the ease and services of a high-end hotel. This unique industry solution is the first of its kind and helps fill the gaps in Austin’s increasingly shared market space in hospitality and real estate. It also allows Buyers to offset the costs of ownership by offering a full-service solution to generate income for owners when not using their homes.
Open for Sales:
Vesper [84 East Avenue, Austin)
Pearlstone plans to bring its new development, Vesper, to the market for pre-sales in March 2022, with a new sales center opening to buyers and brokers at 51 Rainey Street, Suite 140. With construction of 284 residential units underway, Pearlstone is excited to offer downtown units in a luxury building at price points not currently available for new-construction high-rises in downtown Austin. More information will be available in March 2022! Completion is expected in the second quarter of 2024.
Construction Progress:
Parkside at Mueller (1701 Simond Avenue, Austin) 100% of the residences are under contract and the sales demand have exceeded expectations. Construction started in summer 2021, with 200 residential condominiums and ground-floor commercial condominiums scheduled for delivery in fall 2023.
Cascade (2500 Longview Street, Austin) On schedule to complete and close units in late summer 2022, Cascade’s 113 residential units and two commercial condominium units are 100% sold out.
Development and Design:
14th and Lavaca Pearlstone is hard at work in the design and development phase for another residential high-rise development at 14th and Lavaca Street. Along with partner ATCO, Pearlstone Partners closed on the site in November 2021, will break ground on the project in 2023, and expects completion in 2025.
Northwest Downtown
The Pearlstone team is planning another mixed-use project in the northwest part of downtown Austin — an area that, historically, has provided few residential offerings for sale.
Early-Stage Development Pearlstone has three additional projects in the early stages of development. More details will be shared in the next three to six months, as plans progress.
Groundbreaking:
New Development (2323 South Lamar, Austin) Pearlstone will break ground in summer 2022 on a residential condominium development featuring 170 residential homes, ground-floor retail and creative office space. Branding is still to be determined. Project delivery is expected in 2024. More details will be available during the second quarter of 2022.
Pearlstone Partners was honored with numerous awards over the past year. The Austin Business Journal awarded Pearlstone Partners CEO Robert Lee one of the “Texas 100: Influential Professionals to Watch in 2022.” Pearlstone was nominated for the Austin Business Journal “2021 Family-Owned Business Award.” The Greater Asian Chamber of Commerce named Pearlstone Partners “2021 Business of the Year.” The Austin Black Business Journal listed Pearlstone Partners CEO Robert Lee among its “2021 Most Influential Diversity Champions.” Finally, the Austin Chamber of Commerce recognized Pearlstone Partners as a “2021 Generous Business Honoree.”
“Pearlstone Partners is proud to be at the forefront of attainable housing,” said Pearlstone Partners Vice President Chris Zaiontz. “We have identified a clear need for developments and pricing models in the real estate sector that meet the demands of the growing “Missing Middle” demographic at below-market rates, compared to most newconstruction residential offerings in the same neighborhoods.”
In the coming year, Zaiontz said Pearlstone Partners will continue developing products that meet these needs while also exploring additional product types involving hospitality, retail, and creative office space. The company is working to build strategic partnerships to expand offerings in Austin’s constantly evolving real estate market.