The newest addition to The Grove Resort & Waterpark will be The Terraces, a modern, stylish building of luxury condo hotel units nestled between the existing Grove Resort buildings and the tree-lined shores of serene Lake Austin.

Comprised of studios and one-bedroom units, each home will offer all of the luxury and amenities of The Grove Resort’s larger two- and three-bedroom units but at a much more affordable price.

As a condo hotel, The Terraces will have a rental program. Owners can use their unit when they would like and place it in the rental program when they’re not there, generating revenue that offsets the costs of ownership.

Living Restrictions: 180 consecutive days

 

Pets: One domesticated pet (dog or cat) up to 15 pounds is permitted. However, breeds considered to be dangerous are not allowed, no matter how well-trained and behaved.

Rental Return: 55% to the unit owner (less a 4% reserve, put aside for future renovations and updates of furniture, fixtures and equipment in your specific unit). 45% goes to the management company. The FF&E reserve is your money and would be a credit to you upon sale to a new buyer.

Units Range in Sq. Ft.      From: 360              To: 482

 

Units Range in Price:       From: $189,000      To: $284,000

No. of Units: The Terraces will be comprised of 136 total units; 80 studios and 56 one-bedroom luxury condominiums with opportunities for combining units.

 

Stories: 4 on top of surface parking lot

 

Parking: Ample self-parking spaces to accommodate each unit; none assigned.

 

Intended Star Rating: 4-star quality

 

Construction Start Date: Construction is tentatively scheduled to begin summer 2020

 

Completion Date: Expected approximately December 2021.

Condo Hotel Features/Amenities:

 

• Pool with private cabanas, lounges and plenty of outdoor seating
• Poolside bar
• Modern and sophisticated lobby featuring a mini “Grab & Go” Market
• Lounge/bar
• Well-equipped gym

In addition to the Terrace’s amenities, guests and owners will have access to all existing resort amenities including:

 

• Giant water theme park
• 3 large pools
• Full-service spa that services guests in the spa, poolside and in-room
• 3 large restaurants serving American and international cuisine
• Lobby bar
• 4,000 sq. ft. full bar and grill at the water park
• Full-service spa
• Fully-equipped fitness center
• Boat/fishing dock with lake-related water sports, including kayak/canoe/peddle board/electric motor boat tours/fishing/etc.
• Pool lounge
• Grab-n-go convenience store/deli/sundry shop
• Meeting space of 7,500 sq. ft. for corporate retreats, reunions and weddings
• Arcade with games for all ages
• Lush landscaping
• Picturesque seating terraces including a fire pit seating area
• Laundry facilities will be available on the ground floor.
• The $20 million water park has the following features:
• Flow Rider, a dual-sided wave simulator for surfing
• Large lagoon-style pool with beach entry
• Interactive water-play activities with two water slides and large waterfall
• Shallow kiddie pool
• Lazy river water canal with cascading waterfalls
• 4,000 sq. ft. bar and grill

Condo Hotel Services: Specific services are still to be determined, but will likely include:

 

• 24-hour security
• Pool-side bar service
• Daily maid service available

Unit Features: Each condo hotel unit will be sold fully furnished with modern, upscale interiors, oversized windows and balconies (only in one bedroom units) overlooking water features and stunning sunrises. Units will be delivered ready for immediate rental as part of The Grove’s world- class resort management program.

• The Sanderling - A studio unit with a king bed, an ensuite bathroom with walk-in shower, and includes an under-counter refrigerator, microwave and coffee maker.

 

• The Osprey – A one-bedroom unit with a king bed, an ensuite bathroom with walk-in shower, dining room, living room with pullout sofa, private balcony, a fully-equipped kitchenette including a two burner cooktop, microwave and under-counter refrigerator.

Location: The Terraces are located on the north side of The Grove Resort and Spa, nestled between the existing resort and the shores of serene Lake Austin.

With gorgeous lakeside and conservation area surroundings, the Terraces owners and guests will experience an opportunity to relax.

For those seeking action, this location offers a diverse range of some of the best attractions and activities in Florida.

World-class theme parks such as the renowned Walt Disney World and Universal Orlando Resort are just a couple of the endless opportunities for entire families to enjoy.

• Walt Disney World entrance 05 minutes
• Magic Kingom 17 minutes
• Disney Hollywood Studios 19 minutes
• Epcot Center 16 minutes
• Animal Kingdom 14 minutes
• Blizzard Beach 15 minutes
• Universal Studios 30 minutes
• Islands of Adventure 30 minutes   
• SeaWorld Orlando 30 minutes
• Aquatica 30 minutes
• Volcano Bay Water Park 35 minutes   
• Legoland Florida 50 minutes

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