SomeraRoad is keeping Austin fun with plans for a multifamily development at St. Elmo Public Market.
The firm, headquartered in Nashville and New York, bought that unfinished adaptive-reuse retail project last year, and now it’s bringing in rooftops to feed the entertainment retail tenants it just signed — a bowling alley and video-game arcade.
SomeraRoad plans to build 230 apartments next to the St. Elmo development, which is at 4329 South Congress Avenue, Austin Business Journal reported.
St. Elmo Public Market was previously at the center of litigation and never opened. The 42,000-square-foot former warehouse had been touted as an answer to Seattle’s Pike Place Market. SomeraRoad bought the 1.7-acre property from Dallas-based construction firm Maker Bros. in November. Terms of the deal were not disclosed, but the property had been marketed with an asking price of $22.5 million.
SomeraRoad plans to take advantage of Austin’s Density Bonus 90 program, the outlet reported. That means 10 percent of the apartment complex’s units will be affordable for renters earning 50 percent of the area median income, which is less than $44,100 a year for a single person. In exchange, the developer will receive a height bonus. How many stories SomeraRoad plans to build and what is allowed by right weren’t reported.
As for the St. Elmo Public Market building, SomeraRoad plans to finish it out for tenants Pins Mechanical and 16-Bit Bar+Arcade. The redevelopment is expected to be complete early next year.
The St. Elmo district, previously known for its industrial character, is undergoing significant transformation into a vibrant mixed-use area.
SomeraRoad’s projects mark its first foray into the Austin market, with potential plans for further investment in the area.
“We are committed to the Austin market and actively looking to deploy capital into unique, well-positioned value-add and ground-up development opportunities within the urban core and infill submarket,
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