Per Crexi; The Commercially Empty and never opened, "St. Elmo, SoCo Marketplace" has been sitting Active for Sale with no buyer's yet

Click here to visit the public online CREXI Commercial Sale Listing for the "St. Elmo Marketplace." 

Marketing Description

Maker Bros. and Fenix Global Investors (collectively the ”Sponsor”) are the current owners of a +/-9.45 acre mixed-use project in Austin, Texas. The project, St. Elmo Marketplace, is located at the southern end of popular South Congress Avenue in South Austin, Texas. St. Elmo Marketplace offers the popular “Live-Work-Play” atmosphere of a mixed-use development, consisting of a luxury multifamily apartment community, vacant land which is fully entitled and approved for an investor or owner-user creative office building, and a unique artisan food hall where multiple food and beverage uses can operate (Public Market).

St. Elmo Public Market, the Sponsor has completed the renovation of an existing +/-42,000 SF steel frame building located on +/-1.07 acres and is ready for tenants to begin interior improvements. The Public Market will be Austin's first true artisan food hall concept, and a one-of-a-kind food & beverage/grocery/retail/restaurant hub in South Austin.

St. Elmo Land, is the development and construction of an approved +/-105,000 SF of creative offices located on +/-2.29 acres. The office site is currently vacant and fully entitled with an opportunity to rezone for additional Multifamily units.

The Sponsors are accepting offers to purchase the newly renovated Public Market and the multifamily/office site. This is a unique opportunity to acquire two legacy properties in the #1 real estate market in the country.

St. Elmo Residences, Located on +/-6.09 acres, Class “A”, 387-unit (Sponsored by Others), 5-story luxury multifamily apartment community which is in the final stages of construction. currently pre-leasing, move-ins are anticipated to begin in August 2022Ownership is exploring and accepting purchase offers for investors to enjoy a full-scale, “Live-Work-Play” mixed-use investment opportunity, in conjunction with the sale of the St. Elmo Public Market & St. Elmo Land (See Investment Highlights). With modern and quality finishes and full amenities, St. Elmo Residences will offer a mix of studio, one and two-bedroom units. Adjacent to the St. Elmo Public Market, residents will have easy access to Austin’s new premier artisan food hall, an environment that will be unique and highly desirable to the targeted rental population in South Austin. Please call Perry Guest Companies direct for pricing and additional information on an exclusive, off-market, potential sale of the St. Elmo Residences.

Investment Highlights

  • ST. ELMO PUBLIC MARKET: +/-42,000 SF steel frame building, located on +/-1.07 acres, ready for tenants to begin interior improvements. Asking price of $16,300,000 ($388.10 PSF) - well below replacement cost especially considering the 387-unit multifamily complex nearing move-ins directly adjacent to the site.

    PUBLIC MARKET HAS OVER $120 PSF IN-PLACE IMPROVEMENTS: Fully renovated building with improved shell ready for Tenant Improvements; 14 & 20 foot ceilings with clear story windows running the length of the building; multiple-stalled restrooms; ample room for cold/dry storage; multiple grease traps; sealed concrete flooring; sub-slab utility trenches; tenant stalls to provide access via stub-ups to power, waste water, domestic cold water, grease connects, etc.; tenant demising walls in place and sheetrocked; exposed corrugated metal roof decking and industrial joints; +/-16 new HVACs on roof; new fire safety/fire suppression systems; steel valence for signage; new store-front windows; new custom lighting for walkways/seating areas; all new electrical services & transformer.

  • ST. ELMO LAND: +/-2.29 acre land parcel, currently zoned office with planned use as the “work” component of St. Elmo supporting a +/-105,000 SF office building and an adjoining multi-level parking garage. Asking price of $6,200,000 ($62.15 PSF) and gives a purchaser the opportunity to rezone for additional multifamily units.

  • ST. ELMO RESIDENCES: (Not a part of current offering). Located on +/-6.09 acres The owners of St. Elmo Residences are currently exploring and accepting offers to purchase their Class “A”, 387 Unit, 5-Story, luxury multifamily apartment community which is scheduled to be delivered in August 2022. Currently pre-leasing, the advantageous assumable financing makes this property a great addition to the St. Elmo Public Market and St. Elmo Land while creating a remarkable “Live-Work-Play” investment opportunity. Please call Perry Guest Companies direct for pricing and additional information on an exclusive, off-market, potential sale of the St. Elmo Residences.

    Contact Jason T. Lesley, SIOR, CCIM, or Ben Billings, CCIM, for further details.