Description

Jones Lang LaSalle (“JLL”) has been exclusively retained by the seller to offer potential buyers and developers the opportunity to acquire St. Elmo Multifamily site, a ±1.7-acre development Site currently improved with a parking lot that has an existing parking income stream. The land tract is in a condo regime, and the seller has already designed a 232-unit multifamily development on the ±1.7-Acres. The property is favorably located in the heart of the St. Elmo District, a south-central Austin submarket that is quickly emerging as one of the city's most dynamic growth nodes. The property is located just south and west of two of the region’s most heavily trafficked corridors (approximately 183,000 vehicles per day on IH-35 and 178,000 vehicles per day along Highway 71/290). The site also sits just off the highly sought-after South Congress (“SoCo”) corridor and just north of East St. Elmo Road, all providing excellent visibility and accessibility. Together, these roadways provide seamless connectivity to the broader Austin metro and the southern portion of the urban Austin core. With the St. Elmo District, South Congress, and multiple major employment and lifestyle destinations all within a 1–10-minute drive, the property is well-positioned to capitalize on strong demand drivers in the area for a future development.

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Investment highlights

Income-Producing Optionality: The property currently operates as a parking lot generating positive cash flow, effectively allowing investors to acquire a covered land position in one of Austin's highest-growth districts. This structure provides immediate returns that can offset carrying costs while maintaining maximum flexibility for future development, repositioning, or land banking as the St. Elmo District continues to mature and densify.

Prime St. Elmo District Location: Strategically positioned directly next to Pins Mechanical Co., a highly popular bar and arcade destination, the site benefits from established foot traffic and the area's transformation into a vibrant mixed-use district. The property's location along the South Congress Corridor provides immediate proximity to the iconic SoCo entertainment and retail scene while capturing the emerging St. Elmo District's growth trajectory.

Superior Regional Connectivity: Access to Austin's primary transportation infrastructure positions this site for maximum accessibility, located just five minutes from IH-35 with direct connectivity to US-71 and US-290. Proximity to Austin-Bergstrom International Airport further enhances convenience for residents and visitors, while the South Congress Corridor location ensures seamless connectivity to downtown Austin and the broader metro area.

Nearby Major Employers: Icon 3D Tech (a 3D home printing company), Saronic (a leading defense technology company), and Still Austin Whiskey Co. anchor the immediate area, driving employment growth and workforce housing demand. The surrounding St. Elmo District continues to attract creative office, advanced manufacturing, and industrial users, creating a thriving economic ecosystem that supports strong multifamily demand and long-term investment fundamentals.