New ownership has taken over a South Austin retail project that previously failed to come to life.
Dallas-based Maker Bros. has sold the St. Elmo Public Market at 4329 South Congress Avenue to investment firm SomeraRoad, the Dallas Business Journal reported. While terms of the deal were not disclosed, the property had been marketed with an asking price of $22.5 million.
The property, envisioned as a food and beverage hub similar to Seattle’s Pike Place Market, was listed for sale in July 2022. Maker Bros. initiated the project in 2015, with hopes of it opening in 2018. After falling behind schedule, the pandemic further hindered the development, ultimately resulting in an incomplete project without a single tenant ever occupying space in the building.
SomeraRoad, known for its involvement in large-scale mixed-use projects, plans to transform the 42,000-square-foot market into a bar and arcade. Pins Mechanical Co. and 16-Bit Bar+Arcade, subsidiaries of Ohio-based Rise Brands, will lease the entire space. Construction is set to commence later this year, with a projected opening in 2024.