AUSTIN—Austin is getting a $120-million public market that its developers hope will conjure—and be just as iconic as—Seattle's Pike Place Market.

GroundFloor Development and Prescott Group are behind Saint Elmo, a mixed-use project set to open in Austin in 2018. Designed by Andersson-Wise Architects and located on South Congress near Ben White Boulevard in South Austin, Saint Elmo will include 225,000 square feet of creative office space and feature a 40,000 square foot indoor-outdoor marketplace, seated alongside the new location for Austin's famed Saxon Pub.

"There is going to be nothing like this in Austin,” Brandon Bolin, president and CEO of GroundFloor Development, told GlobeSt.com. “With this large-scale public market, we are creating a destination for the city of Austin and visitors alike. We have traveled the world studying other markets of this scale and we are going to take best practices and incorporate them into Saint Elmo. We are also building a creative industry cluster like nothing we have in the city."