A South Austin condo project by local developers Pearlstone Partners will bring 175 new residences to a vacant former used car lot at 2323 South Lamar Boulevard near Bluebonnet Lane, planned as part of the company’s growing portfolio of multifamily housing communities designed to be “attainable” to middle-income buyers recently priced out of Austin’s central neighborhoods. The start of construction on the project, previously planned as an apartment development by Endeavor Real Estate Group before Pearlstone’s acquisition of the property last year, is expected later this summer.
Known as Montage, the project targets an average purchase price per unit that’s lower than comparable new homes in the surrounding neighborhood by 20 percent or more, with residences in the building ranging from $499,000 to $999,000 with an overall average sales price of $667,394 — if you’ve looked at new construction or even the entire market in 78704 lately you’ll recognize that’s well below the norm, with the area’s median listing price currently hovering somewhere around $1 million.
Alongside ground-level retail space and four live-work units, the Montage building’s resident amenities include a pool, rooftop terrace, co-working space, and owner’s clubhouse. In addition to its market-rate residences, the project offers 18 studio homes designated as affordable to households earning 80 percent or less of the region’s Median Family Income, meeting the 10 percent overall affordability requirement of the city’s Vertical Mixed-Use (VMU) zoning program.
Rising to a maximum height of five floors on its 1.86-acre property — though its density is notably limited in some areas due to the residential compatibility standards imposed by nearby single-family homes — the project’s design arrives from the frequent Pearlstone collaborators at local architecture studio STG Design, also behind the firm’s recent Vesper, Natiivo, and Parkside residential buildings. With more than 12,000 square feet of street-level commercial space facing South Lamar Boulevard, the Montage development represents a significant upgrade in walkability from this corner’s most recent use — a drive-thru COVID-19 testing site.