$10M condo project heads to 32nd St.

Austin Business Journal - 2:08 PM CDT Monday

A local developer plans to turn an aging multifamily development in Central Austin into high-end condos.

Marshall Durrett, president of Grandview Street Partners Ltd., is building a 16-unit, $10 million condominium building at the intersection of 32nd and Grandview streets.

A series of duplexes and fourplexes on the site dating back to the 1930s will be demolished in coming months. Construction on Grandview Street Condominiums will begin in January.

The condos will all be part of a single building, with 10, two-story condos on ground level topped by six penthouse units. The condos will range in size from 2,000 square feet to 3,000 square feet and be finished-out to luxury specifications. Prices will range from the mid-$500,000s to mid-$800,000s, Durrett says.

The nearly 1-acre site is between Seton Medical Center, downtown, the University of Texas and the Tarrytown neighborhood, making it ideal to capture a wide demographic, he says.

"We're not trying to be a downtown loft," he says. "We're trying to create a unique community within the condo building itself."

Austin-based Barley + Pfeiffer Architects designed the building, which should receive high marks in the city's Green Building Program. Jeannette Spinelli with AvenueOne Properties is brokering the units. Pre-sales will begin in October.

One unique feature of the condos is a configuration that allows for an elevator to each of the two-story units from the underground garage. Owners can choose to have an elevator installed for added convenience.