Leifer Properties has been given the green light by the Austin City Council to move forward with the development of 1,300 apartments in the St. Elmo neighborhood of Austin. This 11-acre project will also include office and retail space, replacing the current warehouses on the sites.
According to reports, the rezoning approval granted by the City Council allows for building heights up to 125 feet and increases the number of units Leifer can build from 400 to 600 in one section of the development. Additionally, the rezoning of adjacent parcels will allow for the construction of approximately 700 multifamily units and over 10,000 square feet of first-floor retail space.
In a bid to provide affordable housing options, a total of 68 units across both sites will be designated for renters earning 40% to 80% of the region’s median family income. Groundbreaking for this project is expected to take place in early 2024.
On its website, Leifer Properties states that it is focused on developing and acquiring value-add opportunities within various asset classes in high-growth markets. This latest development in the St. Elmo neighborhood aligns with the company’s strategic vision and commitment to urban growth and revitalization.
