There has been lots of mixed news on the national and local real estate front over the last few months — so it is a relief to see good news from BartonPlace Condominiums.
According to the developers, the project has taken $30 million in deposits on 61 of their 270 units. With strong pre-sales, the project has been able to secure financing for the project from IBC Bank in Austin — clearing the biggest hurdle to a new project and setting them up to begin construction in the first quarter of 2008. The project is being developed behind Austin Java on Barton Springs road.
Here is the summary from the Statesman:
The BartonPlace announcement Friday comes amid a dramatically changed lending and credit environment nationwide, with experts predicting that some Austin condo developers who don’t already have financing might find it much tougher to get, meaning some projects might not get built.But the credit crunch hasn’t hurt the BartonPlace project. It is expected to break ground in March at 1600 Barton Springs Road, replacing the Shady Grove RV Park.Unit prices will range from $259,000 to about $700,000.Warshaw said BartonPlace sales are the strongest he and Constructive Venture principal Perry Lorenz have seen in any of their projects, which include four in East Austin. Austin Java co-owner Rick Engel also is a partner in BartonPlace, which will incorporate the Austin Java restaurant at the front of the 4.3 acre site.