Planned condo tower near state Capitol to start construction in late 2025
The newest condo tower in downtown Austin is expected to begin rising near the Capitol late this year.
Prices at the 35-story Luminary, located at the northwest corner of West 14th and Guadalupe streets, will be lower than when the project was first announced about a year ago, according to an announcement. Condos were previously expected to start at $600,000, but the new sales range begins at $499,000. Some of the approximately 280 units will be priced at more than $3 million, but about half will go for under $1 million.
A representative of Northland Living, the developer of Luminary, described the previous pricing figures as “just ballpark estimates” and said the official prices were determined with the recent launch of marketing efforts.
The Austin market has been dealing with a glut of high-end luxury apartments caused in part by a major uptick in construction in recent years, according to the Wall Street Journal — although condos differ from apartments in that they’re purchased instead of leased. The vacancy rate for high-end apartments in Austin recently hit 15%, the highest in the nation and well above the average U.S. rate of 11.4%.
Still, relatively few condo projects are underway in Austin. The only condo project currently under construction downtown is Urbanspace’s The Modern Austin Residences on Rainey Street, according to Urbanspace CEO Kevin Burns. There have been 10 downtown condo projects over the past decade, he said, totaling 2,327 units either built or nearing completion.
