The Code Opens at 2323 South Lamar

The Code, a 179-unit condo-hotel hybrid, has opened at 2323 South Lamar Boulevard. The five-story, 310,661-square-foot building includes 154 hotel rooms alongside residential units. Pearlstone Partners developed the project, with architecture by STG Design.

The project opened March 9, 2026, as Austin's first standalone branded condo-hotel hybrid. Previously known as Montage South Lamar and later Zephyr, it broke ground in March 2023 on a former used car lot, backed by $75 million in construction financing. A TDLR filing estimated project value at $66.5 million.

The building includes roughly 18 affordable units under the site's Vertical Mixed-Use zoning, plus ground-floor retail and live-work units. Amenities include a temperature-controlled pool, rooftop terrace, outdoor kitchen, co-working space, fitness center, clubhouse, 24-hour concierge, dog wash and pet park, and a lobby lounge. A five-story mural by local artist Emily Eisenhart fronts the building.

Following completion, Nuveen Green Capital provided $54 million in C-PACE financing on a 30-year term to recapitalize the property and pay down a $60 million construction loan. The TX-PACE assessment of approximately $54.24 million refinanced completed energy and water improvements.