Star Riverside, a four building condo complex on Riverside Drive just east of I-35, has officially commenced construction on the first 2 buildings. In this first phase, two 6-story lake front buildings will contain 64 large mostly 3/3 units ranging from 1,500 to more than 2,500 square feet with prices starting at $600k. The first two buildings are expected to be completed by Summer, 2009. A second phase will add 9 and 12-story towers with units as small as 600SF and starting around $350K.
Star Riverside being developed by Constellation Property Group on the 4 acre former site of the Wellesley Inn & Suites just East of I-35. Constellation, an Australian firm which has developed some very cool modern projects (examples), has targeted a small number of cities in the U.S. for new projects. Austin is one of their targets, and Star Riverside is the first new project to break ground.
The first phase of the project features a relatively small number (64) of large units (1,500 – 2,500) in two buildings that sit as close as the rules allow to the lake. With prices starting at $600K, or about $400 / SF, the projects are mid-priced for downtown condo units. While the architecture is interesting and the projects looks to be modern, tasteful, and well-conceived, it remain to be seen whether this price point will succeed East of I-35 and South of the lake. Pluses include direct access to the hike and bike trails, a private dock (non-motorized water craft only on Lady Bird lake) and a planned swimming pool for residents.
In addition, Star Riverside is one of the first projects to transform the shores of Riverside drive on the south side of Ladybird lake. Constellation, and four other developers, are planning to build more than 2,000 luxury condo and apartment units near the shores of Ladybird lake. With close access to downtown, the South Congress entertainment district, the lake, and the hike and bike trails, the location is highly desirable yet less expensive (theoretically) than the city core. As part of thee projects, the Hike and Bike trail is likely to be expanded to fill long missing gaps between Congress Avenue and I-35 and with Star Riverside, the trail will be extended East of I-35.
Star Riverside was scaled back from 364 units to 201 units after the City planning commission denied the developers request for an impervious cover variance. Constellation had attempted to get a variance by building green roofs that were fully landscaped. The planning commission, however, has been very strict when it comes to variances for new buildings on the shores of Lady Bird lake.