New Condo Construction For Sale On North Lamar
By Marissa Luck
– Staff Writer, Austin Business Journal
Updated
South Austin's housing market is as sizzling as the weather these days — as a recent Austin Business Journal analysis showed, several of the busiest submarkets for residential home sales are in ZIP codes south of the Colorado River.
Developers are taking note. Here's a look at some boutique projects popping up in that area, including four in the 78704 zip code, the hottest ZIP in our ranking.
Gated community in South Lamar
Developer Pegalo Properties Inc. is building a new luxury community called Milam Grove near South Lamar Boulevard on a largely undeveloped 2.5-acre site. The gated community at 2800 Del Curto Road will have a "clubhouse" casita and 11 single-family homes ranging from 2,800 to 3,600 square feet. Prices range from $1.2 million to $1.5 million.
Richard Kooris with Pegalo Properties said that part of the 78704 area was ripe for new, larger homes with luxury finishes.
Joel Mozersky Design Studio — the designers behind Native Hostel as well as restaurants/cafes Stella Public House, Halcyon and Uchi — and architects with Matt Fajkus Architecture designed the luxury abodes. Sett Studio is the contractor on the project.
"This is one of the most desirable pockets of '04 just because of its proximity to the Greenbelt, Zilker and South Lamar," said Clayton Bullock, listing broker for Milam Grove with Moreland Properties and Elite 25.
Kooris said they're installing infrastructure and utilities now and have just started marketing the neighborhood. The project's name, Milam Grove, is a nod to the land's history as part of a land grant given to Texas freedom fighter Benjamin Milam, according to the developers.
More activity on South First
Around the corner from the new High Brew Coffee headquarters, Heiser Development is building a 25-unit condo community at 2804 S. First St. called the Guild Lofts. A dog park and retail space will be included alongside the three-story condo buildings within walking distance to restaurants like Torchy's Tacos and Toss Pizzeria & Pub.
Bradfield Heiser of Heiser Development said he wanted to hit an attainable price point for potential buyers before land prices rise much further. Units will run from $195,000 for a 484-square-foot studio to $570,000 for a three-bedroom, three-bathroom condo. Heiser said he bought the property already entitled from High Brew Coffee. He's partnering with a former Westlake High School football buddy, Will Steakley, an Elite 25 member and broker with DEN Property Group to market the project.
Construction on the Guild Lofts has already started and Heiser expects to deliver by the end of the year or early next year. Although he's had a lot of interest, Heiser said the company is still finalizing construction pricing before closing any sales. Webber + Studio is the architect.
Elsewhere on South First, Austin developer PSW has two developments in the works in the Bouldin community: One at 1600 S. First St. with 61 condos ranging from studios to three-bedrooms, plus retail space. The other is at 900 S. Second St. with 30 single-family homes and townhomes starting from the $900s.
New community near Yeti, AMD
On the other side of MoPac Expressway, North Carolina-based Hopper Communities is turning undeveloped land into a hip 41-unit neighborhood a short walk from Lantana Place, an $80 million mixed-used development. Called Cayena, the new community at 5204 Wier Hills Road is also less than a mile away from the Yeti Coolers LLC headquarters and less than two miles from Advanced Micro Devices Inc. headquarters.
New sidewalks along Southwest Parkway would allow Cayena residents to walk to Lantana Place, a mixed-use development by Stratus Properties Inc. anchored by a Marriott A/C boutique hotel and a Moviehouse & Eatery dine-in theater.
"There's just not a lot of development in between MoPac and where Southwest Parkway ends into U.S. 71," said Nicole Kessler, a Realtor with Gottesman Residential Real Estate, who is working with Realtor Natalie Kopp on the project. "It's a great location because you can be downtown in 10 minutes or you can go in the other direction and be at Hill Country Galleria."
Construction on five homes (including a model home) will likely be complete by the end of the year, she added. Hopper Communities hasn't sold any of the Cayena units yet, but Kessler said there has been a lot of interest since launching a few weeks ago.
Developers had expected to see mostly young families as prospective buyers, but Kessler said interested customers have run the gamut from Yeti and AMD employees to empty nesters and seniors. The homes will range from two to three stories and 2,200 square feet to 3,500 square feet, with prices from the mid-$500s to $800s.
Like the name Cayena, each of the seven floor plans have names inspired by peppers such as "The Serrano" and the "The Habanero" as a nod to Texas' culinary history, Kessler said.
Source: https://www.bizjournals.com/austin/news/2018/05/31/5-residential-projects-to-know-in-south-austin.html
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