The Modern Austin receives funding and site development permit the same week
AUSTIN, Texas – (COMMERCIAL THREAD) – Last week marked two milestones for the 56-story condo tower of Austin-based Urbanspace Real Estate + Interiors, The Modern Austin Residences, located at 610 Davis St, Austin, TX. The Modern has closed construction funding and has a site development permit in hand, the last two steps necessary for this development to continue.
Kevin Burns, founder of local real estate and design firm Urbanspace, will develop the project with more than $ 300 million in funding from Peregren Capital Group. While the deal marks Peregren’s first construction funding in Austin, co-founder and managing partner Tucker Hughes funded several co-ownership deals in Austin before starting Peregren with co-founder Tripp Taylor. Two of these large-scale projects include The Seaholm Residences and The Independent, each sold by Urbanspace as an exclusive sales and marketing team. Hughes commented, âKevin and the Urbanspace team know the Austin condo market better than anyone, and after working with them on Seaholm and The Independent, I was delighted to have the opportunity to associate more widely with them on The Modern. The design, lifestyle, location and views, combined with the experienced team that Urbanspace has assembled, make this a dream build for every future resident who will call The Modern Home. ”
Sales of the tower will begin at the end of the first quarter of 2022. Comprised of floor plans ranging from 1 to 4 bedrooms, with prices ranging from $ 400 to $ 5 million +, The Modern Austin has already passed the 2 000 requests for its market 346.-rate units since the announcement of the project on the market earlier this year. Kevin Burns commented, âAlthough it has been a long development process for Austin, our team had the synergy and experience to keep this project on track while building on our past experiences and creating a building. which we know will be the best in its class. We are creating a new standard for condominium living in Austin and always with the home owner in mind. working with such great partners. Urbanspace has worked with thousands of condo owners over the past two decades, and they know it is our passion that has sparked interest as well as the Austin market in general. Other partners and consultants of The Modern include: Nelsen Partners – Design Architect, Page – Reference Architect and Flintco – General Contractor.
The launch of The Modern will take place immediately after SXSW, allowing Container Bar and Bungalow, which currently occupy the venues, to operate until mid-March. Bridget Dunlap, owner of Container Bar, will be opening a new concept in The Modern’s basement. Urbanspace will open its third hospitality concept on the ground floor, which does not yet have a name, but similar to its first, Codependent Cocktails + Coffee. Their second hospitality concept, Bacalar, which will open in the first quarter of 2023, will be located on the ground floor of 44 East Ave, another project for which Urbanspace Real Estate has handled sales and marketing.
As part of the agreement between The Modern Austin Residences and the City of Austin, the project will contribute more than $ 1 million to the city’s affordable housing fund, provide 21 affordable housing units on-site and contribute more than 500,000 $ to the Trail Foundation.
For more information on Modern Austin Residences, please visit ModernAustinResidences.com
Pictures of Austin’s modern residences are available HERE. (Image credit given to Binyan)
Urbanspace Real Estate + Interiors was created from Kevin Burns’ passion for the urban Austin lifestyle. Born from an entrepreneurial vision to develop a real estate company on the ground that could provide unique turnkey solutions to the needs of downtown and urban core residents, Urbanspace paved the way for downtown development as a as the original real estate center of the urban core. service provider since 2000. Urbanspace has become a turnkey living solution, offering residential and commercial real estate brokerage services, condominium project marketing, development, interior design services, a showroom of furniture with over 100 lines, white glove moving services and notions of hospitality. Leveraging the vast local knowledge, years of experience, a strong sense of international design and a common desire to live the urban lifestyle, Urbanspace has led the growth of real estate and urban core design in ‘Austin for over two decades. For more information on Urbanspace Real Estate + Interiors, visit urbanspacelifestyle.com.
Peregren Capital Group is an institution-backed mortgage investment firm investing throughout the United States, with a focus on the Western, Central and Southern regions. Peregren was formed in early 2020 by Tucker Hughes and Tripp Taylor, both formerly of Bank OZK and Axos Bank, with a focus on various mortgage investments including whole loans, mezzanine loans and preferred stock investments. The company typically focuses on large-scale, complex loan opportunities of at least $ 100 million, with a preference for much larger positions. Peregren invests or lends on all types of property, including apartments, condos, SFRs, offices, businesses, industrial developments, hotels and land. The founders bring to the company two decades of experience in the construction and lending of bridges, with particular expertise in complex development and repositioning operations. Peregren’s Managing Partner Tucker Hughes was previously National Head of Commercial Real Estate at Axos Bank and prior to that Managing Director and Head of CRE Loans for Western and Central Regions at Bank OZK (formerly Bank of the Ozarks) . Peregren has offices in Dallas, TX and Los Angeles, CA. Additional information about Peregren can be found at peregren.com.
About the page
With roots dating back to 1898, Page provides architectural, interior, planning, consulting and engineering services in the United States and around the world. The company’s diverse international portfolio spans the healthcare, academic, government, and science and technology sectors, as well as civic, corporate and urban housing projects. Page has more than 650 employees in offices in Austin, Dallas, Denver, Dubai, Houston, Mexico City, Phoenix, San Francisco and Washington, DC Learn more about the company at pagethink.com.
Flintco was founded in 1908 and has seven full-service offices in Austin, Denver, Houston, Memphis, Oklahoma City, Springdale, AR, and Tulsa. We offer pre-construction, construction management, design-build, project and program management with the ability to self-perform including concrete, various steel and excavation for foundations. Flintco applies Lean principles and practices to improve historically low labor productivity rates in construction. The adoption of a corporate initiative called Flintco 4 LIFE – Live Incident Free Everyday – informs our approach to safety and our culture. For more information on Flintco, please visit www.flintco.com
About Nelsen Partners
For more than 30 years, executives at Nelsen Partners have worked together on projects in the United States and around the world, providing architectural, interior, planning and urban design services for projects ranging from developments mixed-use and planned urban centers, retail. office buildings, residential towers, hotels, performance venues and restaurants.
With over 50 million square feet of designed and built work completed around the world, Nelsen Partners’ breadth of experience and passion for design enables us to continue to create sustainable architecture and legacy developments for our clients.