$70 million condo development on East Riverside
(Austin American Statesman)
Within a few weeks, demolition is scheduled to begin on the Wellesley Inn & Suites to make way for a $70 million development where the first condominiums will cost from $700,000 to $1 million.
The 254-unit luxury condo project along East Riverside Drive is also expected to expedite a long-awaited extension of the Town Lake hike-and-bike trail.
The tallest building will be the one nearest the interstate. A 90-foot building will be closest to Riverside on the southeast side. Two 60-foot buildings will replace the motel. There also will be a three-level underground parking garage for 400 cars.
Construction is expected to start in mid-2007 on the first phase — two 60-foot buildings with 68 units. Most of those units will have three bedrooms and average 1,500 square feet, with prices from $700,000 to $1 million. The first residents would arrive in mid-2008.
Construction is expected to start in mid-2007 on the first phase — two 60-foot buildings with 68 units. Most of those units will have three bedrooms and average 1,500 square feet, with prices from $700,000 to $1 million. The first residents would arrive in mid-2008.
The company also says it will donate $250,000 toward a boardwalk or pontoon bridge on the river beneath I-35. This would close a gap in the hike-and-bike trail that now forces runners to cross a busy intersection. The multimillion-dollar boardwalk project, which could be a few years away, would connect the trail from the east with parkland west of the interstate.
Further east, near Riverside and Lakeshore and south of Town Lake, Cypress Real Estate Advisors Inc. plans to build a $400 million to $500 million development with townhomes, condos and apartments. Austin-based Cypress hopes to start construction in late 2007, adding about 2,500 residential units over eight years.
