By LYNETTE HAALAND, Four Points News
XSpace built its new $23-million commercial condominium project in the Four Points area – the first of several in the U.S. – and in September, owners started moving in.
XSpace recently finished construction on 106 units on nearly 5.5 acres at 4229 RM 620, across from Mansfield Dam. Half of the owners have moved into their units as of this week.
“We are a brand-new concept and before we finished construction, we sold 80% of the building so I’m pretty happy about that,” said Byron Smith, co-founder of XSpace.
The Oasis on Lake Travis restaurant owner Beau Theriot bought three spaces for his antiques and interior design storage, Smith said.
Roger Clemens, former professional baseball player for the Boston Red Sox and the New York Yankees, will be running his Roger Clemens Foundation out of two units.
“It’s a very, very secure building and these are the caliber of individuals in the building,” Smith said.
There are some out-of-state people from California and Chicago who have bought for investment purposes. Smith says the Austin address is a draw.
“It’s like a place to hang their hat and do business and have a business address in Texas,” Smith said. Additionally the price point to own a unit in Austin is appealing.
The multi-use condominium units are on three floors of the 90,000 square-foot building. Condos start at $150,000 and go up to $400,000 and there are about 20 units left.
A father/son team purchased three units for their family business and man cave.
A surgeon from Houston is taking two units to combine and put in a mezzanine level.
“Each floor has a ramp that you drive your car right up to your unit. It’s really about access and convenience,” Smith said.
A Porsche collector is using his large drive-in unit for car storage and leisure, Smith said. He is one owner who is part of the high end car culture.
“With car guys, the vision is they are able to kind of put up their doors and have a party atmosphere if they want it, and they can spill over into the drive isles, and see down to the end, where there’s more car guys,” Smith said. Some will stack their cars.
XSpace was inspired by co-founder Tim Manson’s family business in Sydney, Australia 15 years ago.
“(XSpace) is a market adaptation from Australia to America. This is the first one in America, this is the flagship. This is the big one so this is a foundation for us to go and do more in North America,” Smith said.
Manson, managing director, shared the company is eyeing up to 20 sites in Austin, Houston, Dallas and Las Vegas for future projects.
XSpace bought the land off RM 620 in 2019 and broke ground in January 2021 after COVID-related inspection delays.
The space combines office and storage and there are more permits because of that.
“They had to rewrite the rulebook on how you zone for this. It is a new concept,” Smith said.
Project delays included delays in getting some construction materials. “At one point, prices of steel increased 70 percent,” Smith said.
But COVID created something else.
“XSpace is a truly unique concept that accommodates the post-pandemic lifestyle,” Smith said. “As consumers continue to push their homes to the limit, in some cases turning their garage into a gym or some other use, our premium space solution actually is an affordable addition to one’s home.”
Some owners will use it as their office, some as a warehouse, some as a satellite office and warehouse. Current owners also include a real estate company and a home air-conditioning business owner. One owner will be meeting his contractors at his XSpace office.
“Everybody is taking great pride in their units and they’re very excited to design them,” Smith said.
In one unit, they’re creating a golf simulator and will have a mezzanine with office space and cigar chairs. Owners can bring their motorcycle, hot rod, boat, or art collection to the space as well.
Unit prices vary depending on size. Individual units start from 300-square-feet and are customizable up to 3,000-square-feet with sufficient ceiling height to accommodate a mezzanine level.
XSpace units feature remote-controlled, pressure-sensitive doors, high-speed data, telephone and lights. Most units offer natural light.
The XSpace facility is equipped with 24/7 security, individual floor access and HD video surveillance. Each floor includes a kitchenette and restrooms with shower amenities on levels two and four.
The fourth-floor owners lounge has views of Lake Travis, Mansfield Dam and the Texas Hill Country. It is accommodating with a conference room, collaboration areas, a commercial kitchen and large balcony.
Additionally, Smith adds, “Buyers can purchase a space to rent or lease for future returns.”