182-unit Tyndall condo project opens near downtown

As the mid-rise Tyndall condominium project formally opens today just east of downtown, its developer says the six-story project offers the advantages of high-rise Austin living — but at a lower price point.

The development is at 800 Embassy Drive, off East Eighth Street, in a part of Austin undergoing rapid transformation with new residential, hotel, office, retail and mixed-use projects.

Perched atop Robertson Hill across from the French Legation historic site, Tyndall has 182 residences, more than 60 percent of which are under contract, said Terry Mitchell, president of  Momark Development and the project's lead developer.

Tyndall's six floors of residences were built atop a two-story parking garage with 301 spaces.  Ranging in size from 571 square feet to about 2,400 square feet, the units feature 10-foot ceilings, floor-to-ceiling glass windows and oak flooring. The cost to build the project was not disclosed.

Most units are priced between $300,000 and $900,000 with penthouses ranging up to $1.7 million, Mitchell said.

On a per-square-foot basis, the range is from the high $400s to the high $700s, Mitchell said.

"Tyndall is able to sell for almost a third less per square foot than new downtown high rises (yet) with comparable quality and amenities,” Mitchell said.

Charles Heimsath, an Austin-based real estate expert who did some consulting work on the project, said that the cost to build a six-story project "is much lower than it is for a 30- to 50- story tower, which enables the buyer to purchase a unit at the edge of downtown for considerably less than the competition."

"The clear intent of the developers of the Tyndall was to provide a high quality product at a competitive price," Heimsath said.

Heimsath said that like some other close-in east side projects, the Tyndall is well positioned to draw off downtown's allure, but at a lower density and price point.

"The Tyndall joins the new office and apartment projects in the area that have been well received by tenants who are looking for a good value in a hip new project, within easy walking distance to the east side bar, restaurant and arts scene," Heimsath said.

Tyndall's first buyers are expected to move in this week, said Trey Phillips, a real estate agent with Moreland Properties, the Austin real estate firm that is marketing the residences.

Phillips and Mitchell said the project is attracting buyers want to live in the midst of Austin’s restaurant, retail and entertainment districts. They include empty nesters, young professionals and second homeowners from other cities in Texas and beyond, including a buyer from Hong Kong who attended the University of Texas and plans to retire here.

“It’s amazing to see this eastward expansion of downtown, yet not all surprising, given that urban Austin has the highest concentration of urban jobs of any large city in the United States," Mitchell said. "Demand to live close to those jobs is increasing. The value of  Tyndall is a first-class project just at the edge of downtown that’s trading at a remarkable value compared to the new projects being marketed downtown.”

Tyndall's amenities include 24-hour concierge service, a pool deck overlooking downtown, four outdoor kitchens, a fitness center, an outdoor yoga lawn and a dog area with washing stations.

"We're not a high rise in stature, but we are in common spaces and amenities," Phillips said. "It's high rise-esque, in a mid-rise form."

Depending on their location in the project, the units have views of downtown, the Capitol or East Austin,  One east-side project, Saltillo, will bring a Whole Foods 365 Market, among  other retailers and restaurants, just three blocks away, a major selling point for Tyndall, Phillips said.

"That's a game-changer for all residents in this part of town," Phillips said of the future Whole Foods grocery. "It's a huge validation of downtown moving this way."

Although East Austin's ongoing gentrification has been criticized by some residents, neighborhood activists and others, Matt Mathias, an East Austin developer since 2000, said the area "is rife with opportunity."

Mathias, principal at Matt Mathias & Co., said that Mitchell and other developers, including Saltillo developer Endeavor Real Estate Group, "have had the foresight to understand this geographical shift and are paving the way for all of Austin to enjoy the new downtown.”