The mixed-use Saint Elmo Market District project, formerly known as Saint Elmo Market, took a new step in its development Tuesday as new developer Maker Bros. announced it has closed on the land and changes are being made to the designs revealed back in September 2015.

The South Austin project is planned to be built off East St. Elmo Road, south of Ben White Boulevard and east of South Congress Avenue, where other developers are also envisioning mixed-use properties in a former industrial zone.

Here are some takeaways from the update and the project in general:

  • Saint Elmo Market District is now estimated to cost $150 million, a $30 million increase from its year-old estimate, but will still retain plans for a 40,000-square-foot indoor-outdoor public market, 100,000 square feet of office space, a boutique hotel, a 400-unit apartment complex and a for-sale condominium development, according to Juice Consulting.

  • Longtime Austin music venue Saxon Pub, which was originally going to be relocated on South Congress Avenue in front of Saint Elmo Market District, will now be relocated in the public market space, according to Juice Consulting.

  • Phase 1 of the project will include a $3 million renovation of a former school bus factory built in the 1950s into the public market, according to Juice Consulting. Phase 2 includes construction of the multifamily development and parking structure.

  • Brandon Bolin, Maker Bros. Partner Maker Bros. Partner Brandon Bolin continues working on Saint Elmo Market District in South Austin.[/caption]

    Maker Bros. anticipates the start of Phase 1 construction at the end of this year.

“We’re for ‘the makers,’ the entrepreneurs who want to develop this district into a special and artful place for the city of Austin,” Maker Bros. partner Brandon Bolin said. “It’s fitting that our firm carries the name ‘maker’ because that’s what this project is all about. Being for and facilitating the makers of trade.”