BartonPlace, a planned 270-unit condo project behind Austin Java on Barton Springs Road, received final city council approval yesterday.
According to the developers, the project has taken deposits on approximately 80 of their units with a combined value of $40 million. With decent 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 next 30 days. The project is being developed behind Austin Java on Barton Springs road.
The project includes one, two, and three bedroom units starting at $263,000 for 683 feet. With a prime location close to downtown and next to Barton Springs pool and park, the project will is in a great location and well priced. As we have seen with many of the downtown projects, the lower the price, the higher the demand. Projects like 360 with many units under $400K have sold very quickly.
The following story from the Austin Business Journal includes additional details:
Construction should begin within 30 days on BartonPlace, which has already generated $40 million in presales.The development team has signed a private agreement with the Zilker Neighborhood Association limiting the development of the portion of the property that fronts Barton Springs Road in order to preserve the local businesses that make up Austin’s “Restaurant Row.” The developers are also pledging a $500,000 cash contribution for a local nonprofit to provide affordable housing in the area, and will be aim to meet a 3-star green building standard.