Development
Austin
Intracorp cleared for condos with affordable bonus on South Congress
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Ledgestone eyes 200-unit condo project in North Austin
Condos have accounted for just 5% of Austin’s new housing supply since pandemic
Ledgestone Development Group has zeroed in on a condo development in North Austin.
The local firm is spearheading a 198-unit project at 2001-2013 West Anderson Lane, called The Ander, Towers reported.
The five-story complex, designed by STG Design, will comprise one- and two-bedroom condos, spanning from 680 square feet to 1,500 square feet. Prices will start at $400,000 and range upwards of $1 million. Ledgestone is targeting 2027 for opening.
The project will fill a void in Austin’s residential market, as condos have accounted for just 5 percent of the city’s new housing supply since the start of the pandemic, the outlet reported. The dearth of condos can be attributed to surging rental demand, prompting developers to pursue apartment projects instead.
However, there are some notable condo developments in the pipeline. Intracorp recently scored approval from Austin City Council to rezone five lots at 2105 South Congress Avenue in South Austin, paving the way for a seven-story condo building with 270 units and 23,000 square feet of retail and restaurant space.
Intracorp 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 300,000-square-foot condo complex downtown. Northland Living is planning a 35-story condo tower to the downtown area, as well.
Ledgestone, meanwhile, has delivered several housing developments to the city. Among them are Gravity ATX, a 90-unit condo and townhouse complex, and the 136-unit Station at St. Elmo condo community. Both of those projects were completed in 2022 and have sold out, according to the firm’s website.
The condo markets in Texas haven’t yet approached the zenith of New York or Miami, but developers are working on it. Turnbridge Equities recently bought in as co-developer of the Four Seasons Private Residences Lake Austin, which is expected to cost $1 billion to build.
—Quinn Donoghue
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