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St. Elmo Market Owner to Add 230 Rental Units
SomeraRoad plans to develop a multifamily project in the heart of the St. Elmo district. The development calls for 230 units. Of that, 10% of the rental units will be priced to rent at 50% median family income, which was $122,300 for a four-person household in June 2023.
SomeraRoad purchased the 1.7 acres of land for the project in November, along with the St. Elmo Public Market, which is located just off of South Congress Avenue between St. Elmo Road and Industrial Boulevard.
The adjacent 42,000-square-foot retail building will be 100% leased by Pins Mechanical and 16-Bit Bar+Arcade, two entertainment concepts. Construction on the redevelopment of the one-time proposed market is already underway and is expected to be completed in the first quarter of 2025.
- ◦Development
