Pearlstone Partners Breaks Ground and Secures $154.5 Million Loan for The Belvedere in Downtown Austin

A Landmark Luxury Condominium Development Opening 2027

AUSTIN, Texas, March 31, 2025 /PRNewswire/ -- Pearlstone Partners has officially broken ground on The Belvedere, a premier luxury condominium development in west downtown Austin, while securing a $154.5 million loan from Benefit Street Partners to bring the highly anticipated project to life. Slated for completion in August 2027, The Belvedere will redefine luxury urban living, offering 158 residences with unparalleled amenities and direct access to the Butler Hike-and-Bike Trail.

Groundbreaking Marks a New Era for Downtown
On March 25, Pearlstone Partners hosted the official groundbreaking at 300 Pressler Street, celebrating the beginning of this project. The final three building development will be 299,373 square feet of thoughtfully designed residential and commercial space, introducing a new standard of upscale living to the city. "We are thrilled to bring The Belvedere to life, a project that blends thoughtful design, luxury and connectivity to Austin's vibrant urban landscape," said Bill Knauss, CEO of Pearlstone Partners. "This development reflects our commitment to creating exceptional living spaces that enhance the community while offering an unparalleled lifestyle." Designed by KTGY with interiors by Kim Lewis Designs, The Belvedere will offer a three-acre urban green space, enhancing downtown's natural landscape and providing a seamless connection to outdoor recreation. "The Belvedere applies thoughtful design and architecture to create spaces that add value to the surrounding city, offering a unique level of luxury and activation to West Downtown Austin," said Ray Tse, Principal at KTGY. "We are grateful for our partnership with Pearlstone Partners to bring this development to life in a way that will elevate the community and redefine luxury living."

$154.5 Million Loan Secured to Fund Development
Pearlstone Partners has secured a $154.5 million construction loan from Benefit Street Partners, ensuring the successful delivery of The Belvedere. "Partnering with Benefit Street Partners has been an essential part of making The Belvedere a reality," said Chris Zaiontz, Pearlstone President. "Their support and confidence in our vision have allowed us to move forward with this exciting project, and we couldn't be more grateful for their collaboration." As part of the project, Pearlstone is investing $1.5 million into a park on The Belvedere lawn, including upgraded sidewalks, new bikeways and improved public access, promoting outdoor recreation and connectivity within the community. "We are excited to support the development of The Belvedere in Austin, a city renowned for its dynamic growth and vibrant community," said David Elgart, Managing Director at Benefit Street Partners and lead banker on the project. "This project is the result of a strong collaborative effort, and we appreciate the vision and expertise of Bill Knauss and Chris Zaiontz at Pearlstone Partners, whose dedication has been instrumental in bringing The Belvedere to life."

Key Details and Luxury Amenities
The Belvedere's residences—ranging from one- to three-bedroom condominiums—will offer an exclusive array of amenities, including a lap pool, resort-style pool, on-site restaurant, coworking spaces, 24-hour concierge services, fitness studios, pet lounge and grooming station, theater room, residential lounge, and direct access to the Hike-and-Bike Trail.

Sales Center Opening and Pricing
The sales gallery for The Belvedere will have a grand opening event on May 15th at 504 Oakland Avenue, Austin, TX 78703, where prospective buyers can explore floor plans and pricing, ranging from $800,000 to $3 million. Reservations will open in April and will be managed by The Portfolio Edition Real Estate Group by Christie's International.

For more information, visit thebelvedereresidences.com.

Images: https://giantnoise.box.com/s/c6irnqv5kirn57tdgdjrjy5a8yxq4km2

About The Belvedere
The Belvedere is a three-building, ground-up condominium development located in west downtown Austin, Texas. This investment opportunity is based upon a proven business model in an established and dynamic market. The property will provide a total of 299,373 square feet of residential and commercial space designed to meet market demand. The Belvedere presents a rare and unique opportunity to develop over three acres in Downtown Austin. The Belvedere will offer ample green space in the urban core with direct connectivity to Austin's Butler Hike-and-Bike Trail.

About Pearlstone Partners
Austin-based Pearlstone Partners is a full-service real estate development firm. The company has been responsible for $700 million-plus in locally developed real estate and has $900 million-plus actively invested in its growing portfolio and pipeline. It has developed a broad range of commercial projects, including office buildings, condominiums, and multifamily and mixed-use projects in some of Austin's most desirable areas, with an emphasis on urban properties in pedestrian-oriented locations. Pearlstone Partners engages in the economic development of Central Texas by creating high-quality, profitable real estate development projects. With experience managing every stage of the property development life cycle, Pearlstone is uniquely qualified to execute projects from concept through completion. For more information, visit www.pearlstonepartners.com.

SOURCE Pearlstone Partners