Meet the Ander Condo Project, A New Residence Bringing Nearly 200 Homes to West Anderson
The city of Austin is known for its vibrant real estate market, but condos have been a rarity here. Despite several obstacles, it is ready to welcome a new project: The Ander. This 198-unit condo community is a fresh breath of air that will soon dot the Austin’s skyline.
Condos In Austin: A Rarity
Although condos hold a boogeyman-like place in the narratives of locals who bemoan the relentless march of time, the majority of new multifamily residential constructions in Austin are apartments for rent. The few condos that exist constitute about five percent or less of the new housing units built in the region since the onset of the pandemic.
Condos have traditionally been less favored by developers because of their financing risk and liability. While apartment buildings can be sold to investors upon job completion, the shared ownership nature of condominiums requires developers to sell a percentage of its units before they can even secure finances for the project.
Condos are also considered riskier investments due to the probability of construction defect lawsuits brought by owners against the developer. These legal actions are increasingly common in new buildings, posing a significant damper on condo development.
A Fresh Perspective: The Ander Project
Despite these hurdles, the Ander project comes as a refreshingly new addition to the real estate landscape of Austin. Real estate firm Ledgestone Development Group announced this 198-unit condo community that will be built on a 2.4-acre collection of properties at 2001-2013 West Anderson Lane.
The residences will be a mix of one and two-bedroom units, with sizes ranging from 679 square feet to 1,457 square feet. The Ander is inspired by eastern and western modern design elements, blending them into organic living spaces with a five-story boutique building. This prime location is close to eateries, live music venues, curated shops, and small businesses, providing residents ample amenities at their doorstep.
The Ander is a project of local architecture firm STG Design that skillfully wraps the building in an attractive masonry-veneer package. It is one of the first considerable developments in West Anderson Lane and is expected to invigorate the area that hasn’t seen as much multifamily construction as nearby corridors like North Lamar Boulevard and Burnet Road.
The Ander is now accepting reservations for units, with prices ranging from $400,000 to over $1 million. The project anticipates occupancy by 2027.
A Trade-Off: The Displacement of Genuine Joe
The arrival of the Ander may signal the departure of Genuine Joe, a long-serving neighborhood coffeehouse currently operating at the Ander site. Genuine Joe is currently searching for a new location, a trade-off that has raised some conversation in the community. While new condos like Ander are appreciated, so are the long-standing local businesses.
As Austin opens its doors to the Ander project, the conversation continues. Will the appeal of newer, fresher views overrule the charm of tradition? Or can there a middle ground where they can coexist in harmony? Only time will tell.
