North American real estate developer Intracorp is relatively new to Austin, Texas, but it’s not shy about making high-profile money moves in the city.
On Friday, the Vancouver-based company released details about its newest foray and third Austin development, Congress Lofts at St. Elmo.
The five-story building at 4315 South Congress will include nine live-work storefronts on the ground floor and 139 warehouse style residential lofts on upper floors, totaling around 139,000 square feet of property for sale. There will also be 3,800 square feet available for a commercial tenant.
The lofts will be next to the enormous St. Elmo’s Market, a restaurant and entertainment complex redeveloped in a warehouse and manufacturing facility typical of the older buildings in the formerly light-industrial area. They will anchor a 3,800-square-foot commercial space in the South Austin district, which is shaping up to be a major retail, entertainment, and residential destination. Also located nearby is—in the most ironic of Austin ironies—a longtime music rehearsal space that will soon be transformed into a Tesla showroom. Intracorp Texas development director William Sayers is not wrong when he calls it “a new urban neighborhood on the rise.”
Developers expect the Congress Lofts project to break ground in 2022 and be completed by 2024. Pappageorge Haymes is the architect on the project, and Urban Foundry is the interior designer.
Friday’s announcement also teased what will be Intracorp’s fourth Austin project: a so far unnamed Downtown hotel-residential tower. The company’s other developments in the city are Downtown’s 44 East condo tower, which has sold its 309 units and is almost complete, and One Oak, a condo complex built on the 2.7-acre former site of a ragtag indie strip mall called “Slackerville.” One Oak, which recently opened its sales center, has received 300 reservation deposits for its 106 residences.
UPDATE: This story has been updated to remove erroneous information about the name and exact height of the new Downtown building. Neither has been publicly released.