Intracorp just cleared a hurdle in its path to develop luxury condos, with a density bonus for affordable housing, in the buzzing SoCo District of South Austin.
Intracorp, a major player in Austin’s condo game, scored approval from Austin City Council to rezone five lots at 2105 South Congress Avenue, paving the way for redevelopment of several low-rise commercial buildings into a seven-story condo building, the Austin Business Journal reported.
The project, called Leland South Congress, will feature 270 units, ranging from studios to three-bedrooms. Floor plans will span 500 square feet to about 3,000 square feet. The building will also include 23,000 square feet of retail and restaurant space.
The density bonus permits heights up to 90 feet if the development includes some affordable housing. For owned condos, 12 percent must be affordable for households earning 80 percent or less of the median family income to qualify for the density bonus. For rental apartments, 12 percent of units must be reserved for those earning 60 percent of the median family income, or 10 percent for those earning 50 percent.
As of June 2023, 80 percent median family income for a three-person household stood at $84,150, the outlet reported. The 78704 ZIP code, which includes the site of Leland South Congress, is one of the most expensive in the Austin metro, with a median home value of $816,439.
Intracorp’s other condo projects include 44 East Avenue, a 50-story tower with 309 units, all of which are sold. The firm is also at the helm of Congress Lofts at St. Elmo, a 139-unit project that’s slated for completion this fall.
Elsewhere in Austin, Pearlstone Partners is seeking funding for a nearly 300,000-square-foot condo complex downtown. Northland Living plans to deliver a condo tower to the downtown area, as well.
—Quinn Donoghue
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