A high-rise-ready parcel just south of Lady Bird Lake entered the market, but its owners say they’re not eager to strike a deal anytime soon.
The heirs of Wesley and Jerry Pearson, represented by Mike Martine of Martine Properties, are seeking a developer to take on 311-315 South Congress Avenue, a less-than-one-acre tract that recently secured Planned Unit Development zoning, the Austin Business Journal reported.
The designation allows for a 480-foot tower, or roughly 40 stories, and includes entitlements for 488 residential units, 30,000 square feet of office and 7,500 square feet of ground-floor retail.
A Firestone Complete Auto Care and a small office and retail building are on the site. Tishman Speyer previously had eyes on the site for a 330-foot tower before the plans fizzled, and the New York-based firm has long since exited the picture.
The Pearsons’ trust has effectively de-risked the entitlement process for any future buyer, making it a potentially attractive play once capital conditions improve.
“The market is terrible right now,” Martine told the outlet, citing high multifamily vacancy rates and persistent capital market uncertainty, worsened by ongoing tariff concerns.
But the area’s transformation is inevitable, despite the near-term headwinds, Martine said.
A future redevelopment could cost over $300 million, he estimated, although no price tag has been floated publicly. The Travis Central Appraisal District currently values the land at $8.1 million, though the true market value is likely far higher given the upzoning.
The site sits within Austin’s South Central Waterfront planning area, a stretch poised to reshape the city’s skyline south of the river. That includes 305 South Congress, where Endeavor Real Estate Group’s massive mixed-use redevelopment of the former Austin American-Statesman site is in the works, as well as plans for another nearby multi-tower development with over 800 residential units and a 225-room hotel.
— Judah Duke
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