Austin Real Estate Scene

The Austonian is going to be Austin’s tallest Condo Project in soaring 55 stories at 200 Congress Avenue.

The name of the project is called the Austonian and it will surpass the tallest residential tower under construction downtown, a 563-foot condominium tower with 44 stories called the 360 Condos being built at Third and Nueces streets.

This will be a  mixed-use tower, with 200 to 250 luxury condominiums, as well as a spa, fitness center and pool. It represents the nature of luxury living that will target the upper end of the downtown market with prices starting at $500,000 for about 1200 square feet and as over a $1,000,000 for a penthouse.

“Congress Avenue in Austin is analogous … to Park Avenue in New York. It is the prestigious address,”  says Charles Heimsath, President of Capitol Market Research, who consulted on the Austonian project. Heimsath, an expert on the local real estate market, says he doesn’t think there’s reason to be concerned about the high number of condo projects planned for downtown. The market can absorb about 200 to 300 units a year, he says.

“My general sense about the downtown condo market is that while there are many projects in the planning stage, each project seems to have a different character and is addressing the market at a different price point with a different location,” Heimsath says.

“Demand for the most expensive units in the existing projects has been slower, but none of them have been a ‘super luxury’ project on Congress Avenue. I feel confident that the Austonian will be well-received by the market due to its extensive amenities, views and very high level of finish.”

The Developer is Second Congress Ltd., an affiliate of Austin-based Benchmark Development. Lance Armstrong, the Seven time winner of the Tour de France, and a local Austin resident is also one of the investors in this project. Lance has reserved has reserved a unit on an upper floor.

I will report more on this project in other posts very soon. For the news on this project go to Downtown Tower in the Works