Seaholm Planning a 30-story Downtown Condo Project

AUSTIN, TX-Seaholm Power LLC is planning its first new condo project in downtown Austin since 2008.

The new 30-story tower, called Seaholm Residences, will offer approximately 280 luxury condo residences ranging in size from studio to three-bedroom units, as well as amenities including a sky deck, pool with lake views, high tech fitness center, business center, resident's club room as well as a dog walking and grooming area. Construction on the tower began in April, and it is expected to be ready for occupancy in the first quarter 2015.

Located on the northwest corner of the Seaholm redevelopment site at 222 West Avenue, the residential tower is situated at the crossroads of every major downtown district, all of downtown's hike and bike trails, the new Central Library, and countless dining and entertainment options. Bounded on its northeastern edge by a Capitol View Corridor and to its south by the Seaholm Power Plant, the tower offers protected and unparalleled views of Lady Bird Lake, Austin's skyline, and the Texas Hill Country.

In addition to the residential tower, the transformation of the historic 1950s Art Deco Seaholm Power Plant and its surrounding five acres will include 1.5 acres of green space, community plazas as well as retail, restaurant and office space, including Austin's downtown Trader Joe's grocery store. A new, two-story building will feature an additional 66,000 square feet of office, retail and restaurant space. Changes to the inside of the 113,000-square-foot power plant itself are anticipated and will be customized to the tenant(s) that inhabits the building.

John Rosato, principal with Southwest Strategies Group and managing partner for Seaholm Power, LLC, said there were two key reasons for the conversion.

“Our read is that there is strong market demand for condos, and a lack of supply,” Rosato said. “The site offers a compelling case for people wanting to own a downtown home, yet live in an environment that's a true neighborhood.”

Seaholm Power tapped Urbanspace to help evaluate market conditions, as well as lead the campaign to market and sell the luxury condo residences.

“This is an ideal site for condominiums for a myriad of reasons and creates a new center for downtown living,” said Kevin Burns, Broker and CEO of Urbanspace.

Seaholm Power LLC, a joint venture comprised of principals from Southwest Strategies Group, Centro Development, State Street Properties, and La Corsha Hospitality, was selected by the City of Austin to oversee the redevelopment of the Seaholm Power Plant site.  Together with its partner, CIM Group, a leading real estate and infrastructure investment firm, Seaholm Power LLC is working in conjunction with the City of Austin to save the iconic power plant structure and create a mixed-use, multi-modal hub that will provide new and exciting options for Austinites to eat, shop, work and play.