The Modern Austin Receives Financing and Site Development Permit in Same Week
This past week marked two significant milestones for Austin-based firm Urbanspace Real Estate + Interiors' 56-story condo tower, The Modern Austin Residences, located at 610 Davis St, Austin, TX. The Modern has closed on construction financing and has a site development permit in hand, the two final milestones needed for this development to proceed.
Kevin Burns, founder of local real estate and design firm Urbanspace, will develop the project with $300+ million of financing from Peregren Capital Group. Although this deal marks Peregren's first construction financing in Austin, co-founder and Managing Partner Tucker Hughes financed multiple condo deals in Austin prior to launching Peregren with co-founder Tripp Taylor. Two of these high-profile projects include The Seaholm Residences and The Independent, each of which were sold by Urbanspace as the exclusive sales and marketing team. Hughes commented, "Kevin and the Urbanspace team know the Austin condo market better than anyone, and after working with them on Seaholm and The Independent, I was excited for the opportunity to partner with them in a bigger way on The Modern. The design, lifestyle, location, and views coupled with the experienced team that Urbanspace has assembled make it a dream build for every future resident that will call The Modern home."
Sales for 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 from the high $400s to $5M+, The Modern Austin has already surpassed 2,000 inquiries for its 346 market-rate units since announcing the project to the market earlier this year. Kevin Burns remarked, "Although the Austin development process has been lengthy, our team has had the synergy and experience to keep this project on pace while taking our past experiences and creating a building that we know will be best in class. We are creating a new standard for condo living in Austin and always thinking with the homeowner top-of-mind. As a condo dweller myself for the past 20 years, I wanted to make sure that the team paid attention to every detail, and I'm privileged to be working with such great partners. Urbanspace has worked with thousands of condo owners over the past two decades, and they know that this is our passion, which has driven interest along with the Austin market in general." Other partners and consultants on The Modern include: Nelsen Partners - Design Architect, Page - Architect of Record, and Flintco - General Contractor.
Groundbreaking for The Modern will happen immediately following SXSW, allowing Container Bar and Bungalow, which currently occupy the sites, to operate through mid-March. Bridget Dunlap, the owner of Container Bar, will be opening a new concept in the basement of The Modern. Urbanspace will be opening their third hospitality-concept, yet to be named, but similar to their first, Codependent Cocktails + Coffee, on the ground floor. Their second hospitality-concept, Bacalar, opening Q1 2023, will be located down the street on the ground floor of 44 East Ave, another project for which Urbanspace Real Estate handled sales and marketing.
As part of The Modern Austin Residences' agreement with the City of Austin, the project will be contributing over a million dollars to the city's affordable housing fund, providing 21 onsite affordable housing units, and contributing over $500,000 to The Trail Foundation.
For more information on The Modern Austin Residences, please visit ModernAustinResidences.com
The Modern Austin Residences Images available for use HERE. (Renderings image credit to Binyan)
About Urbanspace
Urbanspace Real Estate + Interiors was created out of Kevin Burns' passion for living the Austin urban lifestyle. Born out of an entrepreneurial vision to develop an on-the-ground real estate firm that could uniquely provide turn-key solutions to the needs of downtown and urban core residents, Urbanspace has led the way for downtown development as the original urban core real estate service provider since 2000. Urbanspace has evolved into a turn-key living solution, providing residential & commercial real estate brokerage, condo project marketing, development, interior design services, a furniture showroom with over 100 lines, white-glove moving services, and hospitality concepts. Leveraging the wide breadth of local knowledge, years of experience, international design acumen, and a shared desire for living the urban lifestyle, Urbanspace has driven Austin's urban core's real estate and design growth for over two decades. For more information on Urbanspace Real Estate + Interiors, visit urbanspacelifestyle.com.
About Peregren
Peregren Capital Group is an institutionally-backed real estate credit investment firm that invests throughout the US, 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 real estate credit investments including whole loans, mezzanine loans, and preferred equity investments. The firm typically focuses on large-scale, complex lending opportunities of at least $100 million, with a preference for much larger positions. Peregren invests or lends against all property types including apartments, condos, SFR, office, retail, industrial, hotel and land developments. The founders bring two decades of construction and bridge lending experience to the firm, with particular expertise for complex development and repositioning transactions. Peregren's Managing Partner, Tucker Hughes, was previously National Head of Commercial Real Estate at Axos Bank and prior to that was Managing Director and Head of CRE Lending for the 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 may be found at peregren.com.
About Page
With roots extending back to 1898, Page provides architecture, interiors, planning, consulting and engineering services throughout the United States and around the world. The firm's diverse, international portfolio encompasses the healthcare, academic, government and science and technology sectors, as well as civic, corporate and urban housing projects. Page has more than 650 employees across offices in Austin, Dallas, Denver, Dubai, Houston, Mexico City, Phoenix, San Francisco and Washington, D.C. Learn more about the firm at pagethink.com.
About Flintco
Flintco was founded in 1908 and maintains seven full-service offices in Austin, Denver, Houston, Memphis, Oklahoma City, Springdale, AR, and Tulsa. We offer preconstruction, construction management, design-build, project and program management with the capability to self-perform inclusive of concrete, miscellaneous steel and excavations for foundations. Flintco applies Lean principles and practices to improve historically low labor productivity rates in construction. The adoption of an enterprise initiative called Flintco 4 LIFE ? Live Incident Free Everyday ? informs our approach to safety and our culture. For more information about Flintco, please visit www.flintco.com
About Nelsen Partners
For over 30 years the leaders of Nelsen Partners have worked together on projects throughout the US and around the world, providing architecture, interiors, planning, and urban design services for projects ranging from mixed-use developments and master-planned urban centers, to retail developments, office buildings, residential towers, hotels, performing arts venues, and restaurants.
With over 50 million square feet of designed and built work completed throughout the world, Nelsen Partners' breadth of experience and passion for design allows us to continue to create enduring architecture and legacy developments for our clients.
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