More apartments headed to Austin's St. Elmo District, south of downtown
Nearly 300 more apartments are coming to the St. Elmo District, an area south of Ben White Boulevard in south Austin that is being transformed with new housing and dozens of restaurants, breweries, cafes and stores.
United Properties says it has started construction on a mixed-use development called Bishop Momo. The project is roughly 3 miles south of downtown Austin, in a former industrial area that is rapidly gentrifying.
United Properties invests in and develops office, industrial, retail, mixed-use and senior housing properties. It is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Austin and Denver.
The company's five-story Bishop Momo project will have 274 studio, one-bedroom and two-bedroom units, along with about 6,000 square feet of retail space.
Pricing for the market-rate units will be in line with nearby, comparable properties, the developer said.
Developers said 10% of the apartment units in the project will have below-market rates, with 5% of those units priced at 50% of the Austin area's median family income and the remaining 5% priced at 80% of the median family income.
Construction is due to be completed by mid-2024. A food truck lot and storage facility was on the site previously.
The developer said the apartment complex will have a pool, green spaces, solar-powered common areas, a fitness center, a co-working lounge and other amenities.
Project Connect, Austin’s multibillion-dollar transit plan, also includes plans for a light rail station in the St. Elmo neighborhood near the Bishop Momo project.
Over the last four quarters alone, the St. Elmo area "has seen more than 1,200 new multifamily units delivered, and there are north of 1,500 new units under construction and/or in the pipeline and occupancy remains strong at a current rate of 97%," Brenda Studt, senoir development manager for United Properties, said in an email.
Studt said the far South Austin area, which includes the St. Elmo District, is expected to continue to see increasing demand for residential and commercial development.
"It is a vibrant and desirable 'live-work-play" community due to all the recent redevelopment projects and new businesses... this is truly an environment poised for steady growth," Studt said.