The 132 condos that comprise The Station at St. Elmo were completely sold out in a first-ever, record breaking five hours during a same-day virtual sales launch event held this month by Legacy Communities and Legacy Performance Capital, investors in South Austin’s up-and-coming St. Elmo Neighborhood and Austin’s major real estate boom.
Set to break ground in August 2021, the $40M-plus development will include a North 4 story and South 3 story building housing studio suites and one- to three-bedroom condos, priced from the mid $200,000 to the $600,000+ range, with easy access to several indoor, open air and outdoor gathering areas and lounges.
Special amenities will include a library, home delivery lockers in the lobby, a cozy third-floor night owl lounge with a fireplace, a fourth-floor sky lounge with a catering kitchen offering great views of downtown Austin, separate yoga, dance and fitness areas, an outdoor resort-style swimming pool (with comfortable in-water pool seats), a special dog “bark park,” direct access to live/work space, first-floor cafes, offices and shops, as well as a secure, gated, underground private parking garage.
When completed, the new property will capture the St. Elmo area’s industrial revitalization, blending thoughtful architecture designed for modern day functioning, using reclaimed materials, weathered brick, metal accents, oversized windows and classic touches woven into both the interior and exterior, ultimately creating a mixed-use community resembling a modernized warehouse from the early 1900s.
Legacy DCS President and CEO, Cass Brewer added: “Austin’s housing and condo supply hasn’t kept pace with the continued strong demand, especially in the formerly industrial St. Elmo district that has become an easily walkable, up-and-coming shopping, dining, entertainment district with some 1.4 million square feet of residential, commercial real estate either proposed or under construction. The new St. Elmo property will only build on our assets we’ve designed in Austin’s South, Northeast, East and Western corridors, including our recently sold out communities of Westside Landing, The Isabella, Cooper’s Square, The Addie at Westlake and Gravity ATX with several more properties to be announced later this year.”
For the past three years, Legacy Performance Capital has sought new micro-market asset opportunities in Central Texas. The St. Elmo district made perfect sense to develop new, attractively priced homes for first-time buyers, empty nesters, those seeking professional home offices and others avoiding higher rents and mortgages found close by in Austin’s Central Business District.
The formerly industrial St. Elmo District, south of Austin’s city center area, has started to pique the interest of developers, tenants and shoppers alike. Most of its commercial space delivered to this point is better known as The Yard, a renovation and conversion of existing warehouses into retail and “maker” spaces (local breweries, creative studios and music venues) marketed to community-minded companies and social entrepreneurs. One of The Yard’s largest developments is Tesla’s $2.5 million renovation at 500 E. St. Elmo Rd. into a 30,000-square-foot auto showroom and service center, slated for completion in September 2021. Another major landmark is the St. Elmo Public Market, a mixed-use project promising office, hotel, residential and retail space, including an indoor market with vendors and restaurants.