Intracorp Receives Approval for South Austin Condo Development

Intracorp has achieved a significant milestone with the approval of a density bonus for affordable housing, allowing them to proceed with the development of luxury condos in South Austin's vibrant SoCo District.

Rezoning Approval and Project Details

The Austin City Council has approved the rezoning of five lots at 2105 South Congress Avenue. This approval paves the way for Intracorp to redevelop several low-rise commercial buildings into a seven-story condominium building. The project, named Leland South Congress, will feature 270 units, with options ranging from studios to three-bedroom condos, and floor plans varying from 500 to 3,000 square feet. Additionally, the building will include 23,000 square feet of retail and restaurant space.

Density Bonus and Affordable Housing Requirements

The density bonus permits building heights up to 90 feet, contingent on the inclusion of affordable housing. For owned condos, 12 percent must be affordable for households earning 80 percent or less of the median family income. For rental apartments, the requirements are 12 percent of units for those earning 60 percent of the median family income or 10 percent for those earning 50 percent.

Financial Context and Local Real Estate

As of June 2023, the median family income for a three-person household at 80 percent stood at $84,150. The Leland South Congress site falls within the 78704 ZIP code, one of Austin's most expensive areas, with a median home value of $816,439.

Intracorp’s Other Projects

Intracorp has an impressive portfolio in Austin, including the 50-story 44 East Avenue tower with 309 units, all sold out. Another notable project is the Congress Lofts at St. Elmo, a 139-unit development set for completion in the fall.

Other Developments in Austin

In addition to Intracorp’s projects, Pearlstone Partners is seeking funding for a large downtown condo complex, and Northland Living is planning a condo tower in the same area. These developments highlight the ongoing growth and investment in Austin's real estate market.