Intracorp Also Announces Congress Lofts at St. Elmo, the Newest Development Coming to Austin’s Revitalized, Vibrant, Growing St. Elmo District
By Parimal M. RohitStaff Writer, Austin Business Journal
[Vancouver-based Intracorp Projects Ltd.] sold all 309 units of 44 East Ave. and just opened a sales center for One Oak, which will bring 106 condos, eight ground-floor live-work units and 10 penthouses to the Bouldin Creek neighborhood. Sales appointments for One Oak will begin in late January for those who made reservations.
One Oak officially opened its sales center at 1605 S. 1st St. on Dec. 16. The four-story condo development will be built on 2.7 acres at 2209 S. 1st St. Units will range in price from $400,000 to $1 million. On-site amenities include a fitness center, conference room and pool. The east side of the building abuts Bouldin Creek.
[Intracorp] announced Dec. 17 it is developing Congress Lofts at St. Elmo, a residential development that will bring 139 condos and nine ground-floor live-work units to South Austin. Congress Lofts will be located by the St. Elmo Public Market and the project would have about 139,000 square feet available for sale. There will also be 3,800 square feet available for a commercial tenant.
Congress Lofts at St. Elmo, which is Intracorp’s third Austin development, will be located at 4315 S. Congress Ave. The project is the latest sign of Intracorp’s increasing activity in the Texas capital — it is also close to completing a 50-story residential tower at 44 East Ave. in the Rainey Street Historic District.
Groundbreaking for Congress Lofts is expected to take place in early 2022 and the project could be completed by 2024. Price points for the market-rate condos have not yet been determined. Partners on the project include Pappageorge Haynes (architect) and Urban Foundry (interior design).
“This is a new urban neighborhood on the rise. Outside the CBD and Domain, the St. Elmo District might be the densest supply of future housing in Austin, and it’s an exciting time to be here,” William Sayers, Intracorp Texas’ Development Director, said in a statement.
The St. Elmo neighborhood could be Austin’s next “development boom,” according to a September report published by Aquila Commercial.
“The St. Elmo area is starting to show signs of growth. Even Tesla has gotten in on the action, opening a new showroom in the old Music Lab space at 500 E St. Elmo,” Kirk Silas, the report’s author, wrote. “While the area is still very much in the early stages of redevelopment and is likely years away from seeing the same success as markets like Austin’s Eastside, it can already be hard to find parking on a Saturday afternoon due to the influx of visitors to the area.”
The Congress Lofts project is part of Intracorp’s larger play to build more housing in the Austin area. The latest Austin Board of Realtors numbers show housing inventory for Central Texas was at 1.1 months – an increase over previous months but nowhere near the six-month mark that’s considered healthy.
Looking ahead, Intracorp said it is planning another mixed-use high-rise tower in downtown Austin. Details of this high-rise have not been released yet, other than it would feature residential and hospitality components.
Read full Austin Business Journal article here.