Rendering courtesy GroundFloor Development[/caption]

Now that it has Austin City Council's blessing to build, GroundFloor Development will spend 2015 working on site development and permitting for the proposed St. Elmo's Market and Lofts project, GroundFloor founder Brandon Bolin said.

Bolin said he expected to break ground on the project in mid-2016 and open for business in early 2018.

The Saxon Pub has announced plans to move to the site when construction is complete.

Bolin said GroundFloor would announce more future tenants during the first quarter of 2015.

"We are extremely excited," he said. "... We want this project to be part of the cultural fabric of Austin."

St. Elmo's Market and Lofts will include up to 200 condominiums, a food market, music venue and hotel on Industrial Boulevard. City Council approved changes to allow the project during its Nov. 20 meeting.