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Other condominiums are heading to the rapidly transforming South First Street neighborhood in the Bouldin Creek neighborhood of South Austin.

The latest planned project, which will have 106 units in a four-story building, will be built on the former site of Slackerville, an Austin complex that once housed an eclectic cluster of local retail stores.

The developer, based in North America Intracorp, calls its planned project One Oak.

The development, which will span 2.7 acres at 2209 South First St., will feature upscale residences with one, two and three bedroom units, as well as storefronts and rooftop penthouses, according to the developer.

Construction on the One Oak project is expected to begin early next year. The first residents are expected to move into their homes in 2023. Unit prices are expected to range from $ 400,000 to $ 1 million and up.

Intracorp is planning a condominium project called One Oak on South First and Live Oak streets in the Bouldin Creek neighborhood of Austin.  Construction is expected to start in early 2022.  [Courtesy: Intracorp]

The previous owner, Ari Rastegar, sold the land to Intracorp. Rastegar will retain an interest in the profits of the project, although additional details were not disclosed.

Resmark is the project sponsor. Intracorp did not disclose the estimated cost of the project.

The mix of units at One Oak will include eight storefronts on the first floor, 88 homes on the second and third floors, and 10 penthouses on the fourth floor, known as the Canopy Collection.

The project is the latest to be built along South First Street, just south of downtown, amid a residential construction boom in the Austin area, both in the downtown area and in surrounding areas.

Housing experts, builders and developers continue to say there is more demand than available supply of housing in the five-county area, which stretches from Georgetown to San Marcos. This gap between supply and demand pushes prices up, as does the influx of high-end employees.

On South First Street, Austin-based developer StoryBuilt has built two mixed-use projects, one at 900 South First St. across from Texas School for the Deaf and another at 1600 South First St., site of the ‘Former Angel Funeral Home.

In Austin, Itracorp is known to develop a 49-storey tower in the Rainey Street area southeast of downtown. Intracorp said last week that all 309 units are now sold in the tower, which overlooks Lady Bird Lake.

In Bouldin Creek, One Oak will be located in one of Austin’s top neighborhoods, near Barton Springs, Zilker Park, and the Roy and Ann Butler hiking and biking trail.

Facilities will include a courtyard overlooking Bouldin Creek, a negative-edged pool, private poolside cabanas, as well as barbecue grills and outdoor dining areas. The interior fittings will include a lounge, a fitness center and coworking offices.

The main architect of the project is Pappageorge Haymes Partners, based in Chicago, in collaboration with Urban Foundry Architecture, based in Austin. Urban Foundry is also leading interior design for the development.

Hitchcock Design Group is the landscape architect and Civilitude is the civil engineer.

Austin-based Brandon Miller Group is handling sales and marketing for the project.