Intracorp reportedly starts SoCo condos 23 months after demolition

Intracorp has started construction on Leland South Congress, a condo project at South Congress Avenue and Live Oak Street, according to ConnectCRE and The Real Deal. City of Austin records show two demolition permits for the site were issued Nov. 12, 2024, about 23 months before the reported start.

ConnectCRE reported that Intracorp started after securing a $173 million construction loan from BGO. That figure is the outlet’s. We did not see a loan record, and Texas deeds of trust carry no loan amount in the Travis index.

Why it matters

For developers and builders, the gap is the lesson. Demolition was permitted under site plan SP-2022-0578C.F1 in late 2024, then the project waited for financing. Condo pre-sale agents on South Congress now have a live project with a reported 2029 delivery, which resets the competing-inventory calendar. See the Austin market hub for other core-area starts.

The numbers

Permit 2024-147875 BP covers demolition of a nursing structure at 110 E Live Oak St, listed at about 46,233 sq ft, built circa 1965. Permit 2024-147830 BP covers a convenience store and condominiums, listed at about 36,574 sq ft, built circa 1985 and 1964. Together that is roughly 82,800 sq ft of existing buildings. Both permits show a final status. The permit valuation fields are declared job value only, not a price or a loan.

The Austin Business Journal, as cited by ConnectCRE, reported about 635,000 sq ft, about 265 condos, about 22,000 sq ft of ground-floor retail and a 6,000 sq ft paseo. Sources also differ on the address, 2105 or 2121 S. Congress Ave. The City permits use 2105 S. Congress Ave.

ConnectCRE names Leifer Properties as co-developer, with Northland Properties and Aron Industries as partners.

What’s next

Watch for a vertical building permit and the first pre-sale releases. The reported completion year is 2029. We will update this story when a building permit or a recorded deed of trust appears.