Vesper Tower: A New Residential High-rise in Austin
Located at the heart of the bustling Rainey Street District and overlooking Lady Bird Lake in downtown Austin, Texas, stands the new Vesper tower. This massive 41-story luxury residential project with 284 condominiums has just started its first phase of move-ins.
The project is a joint venture between the locally based Pearlstone Partners and New York’s ATCO Properties and Management. The high-end condominiums are being marketed by Prospect Real Estate, a company that has already sold more than $1.2 billion worth of locally developed real estate.
Condos for sale
Prices for the luxury units range from $545,000 to over $2 million, and inventory is moving fast. With 67% of the condos already sold, Prospect will continue in its role as Vesper’s sales agency.
“There’s a significant portion already spoken for [in Vesper],” remarked Tayler Davis, marketing director for Pearlstone Partners. “We believe sales will accelerate even more now that buyers are able to move in.”
Key Features and Amenities
Vesper condos cater to a variety of needs with options ranging from one-bedroom units and two-bedroom units to penthouse units. In terms of amenities, residents can enjoy a rooftop swimming pool and lounge, a fitness center, co-working spaces, a dog park and washing station, and a 24-hour concierge.
Additionally, several Austin muralists have been commissioned to collaborate on a large-scale mural located on the outside of the building facing Rainey Street. The contributing artists include Rex Hamilton, Adrian Landon Brooks, Kel Brown, Sadé Lawson, Matthew Rodriguez, Sophie Roach, and Will Bryant.
Architectural Excellence
The task of bringing the design of Vesper to life was entrusted to STG Design. The interiors have been tastefully designed by McCray & Co.
Downtown Austin’s Residential Boom
Vesper is among several high-rise projects currently under construction in the Rainey Street area. The once blue-collar district now teems with bars and restaurants, having experienced several waves of high-rise residential and hotel development since the city rezoned it for high-density use in the mid-2000s.
Kevin Burns, an Austin real estate broker who specializes in downtown condo sales and development, and other local market experts reveal that the demand for downtown living in Austin remains strong. According to these experts, many people are drawn to the downtown lifestyle as it allows them to be amidst the hustle and bustle of city life.
Another big-name player anticipating the success of the Austin real estate market is Kairoi Residential, who, along with Lincoln Property Group, are developing Waterline, a 74-story skyscraper that will soon become the tallest in Texas. The company’s faith in Austin’s long-term growth remains unshaken.
“Austin still possesses an unparalleled lifestyle, an incredibly educated workforce, and enjoys the advantages of Texas’ tax and regulatory environment. These attributes will continue to be attractive to businesses interested in expanding or relocating,” stated Michael Lynd Jr., CEO of Kairoi Residential.
Downtown Living Vs. Office Vacancy Rates
Although there may be some concerns about the dip in the office market due to the increase in remote or hybrid workforces, Perry Lorenz, a longtime downtown Austin landowner and co-developer of downtown condo projects explains, “Lifestyle is the primary driver of downtown living, not office vacancy rates. 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.”
