St. Elmo Mixed-Use Project In Full Swing

The transformation of 12 acres of South Austin into a trendy mixed-use project dubbed "Saint Elmo" is gaining traction with notable real estate companies coming on board. Prescott Group in Dallas is joining master developer GroundFloor Development to create a public market, entertainment venue, creative offices, condominiums and a boutique hotel.

The first significant design schematics have been delivered by Andersson-Wise Architects, which designed the W Hotel & Residences along with ACL Live at the Moody Theater. Andersson-Wise also designed the Topher Theatre at Zach. Click on the image to launch a slideshow of project renderings.

Prescott Group brings depth of experience to the picture, having developed numerous office and mixed-use projects primarily in Dallas, Seattle and Tulsa, Oklahoma.

"They provide institutional heft and they do the behind-the-scenes work," said Brandon Bolin, president and CEO of GroundFloor Development, who conceived of the development and secured the site at South Congress Avenue and St. Elmo Road, just south of Ben White Boulevard. "I'm best at setting the vision and working with the design team."

Bolin revealed his plans last summer and cleared zoning obstacles with the Austin City Council in November.

Since then, Bolin lined up the partnership with Prescott Group along with more financial traction.

Curtis Jaggars, executive vice president of JLL in Dallas, is handling debt and equity financing for the project, which will break ground in mid-2016 and deliver in early 2018.

Bolin also persuaded Matthew Spillers of Spill-Lab Productions to curate the indoor-outdoor public market. Spillers — a veteran restaurateur and founder of Eno's Pizza in Dallas — has traveled around the world picking up ideas for the market that will incorporate the bones of an existing 1950s warehouse that once was a factory for Blue Bird school buses. Most recently it has been occupied by Office Furniture Now, which will move to a new location in early 2016.

The public market will be the center of commerce at the mixed-use development.

ARTICLE COURTESY OF: THE AUSTIN BUSINESS JOURNAL

Author: Monte Davis

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