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Construction for new lofts set to start next month on a changing South Congress

(BOGZA)

Industrial-style lofts promising to bring downtown high-rise luxury to St. Elmo are now selling.


Known as Congress Lofts, the 5-story building is slated to have 140 residential homes with live-work storefronts on the ground floor. Residences for the lofts located at 4315 South Congress Avenue are starting in the $400,000s to $800,000s and completion is estimated in mid-2024.

Construction set to kick off in September adds to a rapidly changing South Congress that has faced announcements of store closures like Lucy in Disguise and Tesoros as others like fashion brand Hermès moved in.

But developers behind the lofts, Intracorp Homes, say the building will invoke the look and feel of the neighborhood with its use of traditional brick and black metal cladding. As for residents, Intracorp says they’ll enjoy living in a burgeoning and walkable shopping, eating and entertainment district.

William Sayers, Director of real Estate development at Intracorp said the future of St. Elmo is very bright.

“A vibrant, urban and industrious neighborhood on the rise and eventually connected to downtown with the City’s investment in the Orange Line,” Sayers said. “At Congress Lofts, we are excited to be offering designer-selected finishes that match what you would expect to see in a downtown luxury condo.”

Amenities include a gallery-style lobby flanked by a library lounge where residents can host gatherings, co-work with neighbors or play records. The courtyard will feature a swimming pool, outdoor kitchen, fire pit and multiple seating areas. The property is also pet-friendly with a dog park and dog washing station.

For interior design, Intracorp teamed up with Austin firms Urban Foundry Architecture and Compass Development Marketing Group. The homes will include brick walls, black framed expansive windows and suspended metal balconies.

Congress Lofts serves as the Canada-based developer’s third project in Austin after breaking ground on another this past spring.

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(AUS airport/Instagram)

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With deposition and trial looming, Elon Musk has offered $44B for Twitter, again
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Elon Musk has proposed once again to buy Twitter for $54.20 a share.

The news that Musk is offering to carry on with the $44 billion buyout was first reported by Bloomberg. Now, a filing with the Securities and Exchange Commission shows Musk made the proposal in a letter to the tech giant on Monday.

The New York Stock Exchange temporarily halted trading in Twitter stock twice Tuesday, first because of a big price move and the second time for a news event, presumably the announcement of Musk's renewed offer.

While the per share offer price on this latest proposal remains the same as the original offer, it’s unclear if Musk has made other term changes or if Twitter would reject it. According to other reports, a deal could be reached this week.

The stock closed at $52.00/share Tuesday, indicating market uncertainty around the $54.20 offer.

After Musk informed Twitter of plans to terminate the original agreement in July, Twitter sued. A trial has been expected in Delaware Chancery Court on Oct. 17.

With the proposition of a buyout on the table again, it revives the question of whether Musk might move Twitter from San Francisco to Central Texas.

He’s done so with some of his other companies. Tesla’s headquarters in southeast Travis County had its grand opening earlier this year and tunneling business The Boring Company moved to Pflugerville. At least two other Musk companies, SpaceX and Neuralink, have a Central Texas presence without being headquartered here.

Technology journalist Nilay Patel this afternoon voiced concerns that owning Twitter and Tesla together could be problematic for Musk, as his Tesla manufacturing facilities in Germany and China are both in countries that have disputes with Twitter over content moderation and censorship.

Telsa shares fell after the Twitter news became public, before rallying to close up, at $249.44.