Here's a rendering of the planned condo mid-rise. TOMORROW INC

Austin Business Journal reports, "Intracorp Homes has unveiled new details about its upcoming condo development on bustling South Congress Avenue.

Intracorp, one of the most active condo developers in the city, confirmed the project late last year but declined to provide additional information at the time as it worked its way through planning stages. On April 2, the developer announced details, including number of units, costs and the entities working on it. The company also said a final general contractor hasn't been selected.

Leland South Congress, as the project is called, will rise seven stories on about 3 acres spread across four lots at the intersection of South Congress Avenue and Live Oak Street.

The development will add 270 condos to Austin’s inventory once complete, according to the announcement. Studio, one-, two- and three-bedroom floor plans, as well as penthouse condos, are available. Condos will range from 500 square feet to around 3,000, said Brad Stein, president of Intracorp Texas.

Overall, the project will encompass around 600,000 square feet, with 23,000 square feet of retail and restaurant space at ground level. No restaurant or retail tenants have signed leases yet, though Stein said there have been several inquiries about the space.

Condo sale reservations will begin later this month, according to the announcement. Condos will start around $500,000, while penthouses will be priced around the $2 million range, Stein said.

The 78704 ZIP code, where Leland South Congress is located, is one of the priciest in the metro. The median home value there as of Nov. 30, 2023, was $816,439, requiring an annual income of $193,207 to cover the average yearly mortgage payment of $57,962, according to Zillow data analyzed by the Business Journals.

Construction would require demolition of several buildings, including a 1,628-square-foot former gas station with a windshield repair tenant, an 11,576-square-foot auto shop and a 46,233-square-foot nursing and rehab center, according to Travis Central Appraisal District. The fourth parcel is a parking lot.

Construction is expected to take two years, Stein said, although he didn't provide an estimated start date. Summit Design and Build has been working on pre-construction of the project, but a final general contractor hasn't been selected.

Kirksey Architecture served as lead architect on the project, with Nudge Design guiding the landscape architecture. Douglas Elliman Development Marketing will oversee sales and marketing for the residences, and the luxury-driven Eklund Gomes Team at Douglas Elliman is the residential broker. Shop Companies is overseeing all marketing and leasing for the ground-level retail. All interiors and amenities are being designed by local studio Michael Hsu Office of Architecture. Leifer Properties, Northland Properties and ARON Industries have also partnered on the project.

Intracorp is a notable condo developer in Austin. Its 44 East Ave tower at the southern end of the Rainey Street District, which is sold out, took top honors as the city’s best new multifamily development at the Austin Business Journal's 2023 Commercial Real Estate Awards. The developer is also selling residences in its 139-condo Congress Lofts at St. Elmo, which is still under construction not far from 2105 S. Congress Ave. Condos there are for sale now, with project completion estimated for this fall.

Intracorp isn't the only developer targeting South Congress. Endeavor Real Estate Group is planning a major redevelopment of the old Austin American-Statesman headquarters site, and New York-based developer The Related Cos. is planning two new office developments in the area."


Source: Austin Business Journal 

Written by: Cody Baird

Published: April 2, 2024

Posted by Grossman & Jones Group on


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