A part of South Austin is undergoing a big change right now: what was once an industrial park is turning into a destination for both tourists and locals.

The sprawling development expected to feature local companies, restaurants, a hotel and live music venues is being referred to as South Austin's St. Elmo Revival.

Included in the revival are two projects: The Yard and the St. Elmo Marketplace.

The Yard is already under construction. According to the developer, it will be a place for local creative companies to come together and offer services for everyone to enjoy.

Some of the tenants so far include a local winery, a carpenter studio and whiskey distillery.

Right next door will also be Austin's first indoor-outdoor marketplace.

The St. Elmo Marketplace is expected to get underway later this year.

It will be home to “one of the most exciting and beautiful creative-office spaces in Austin. The project will attract music, entertainment, media, technology and related companies to the office space,” according to GroundFloor Developer, one of the companies leading the project.

The market place will be full of local companies offering artisanal foods, locally brewed coffee and beer as well as a music venue.

It’s similar to Chelsea Market in New York, Pike Place in Seattle and the Borough Market in London.

The Yard is under construction now and should be done by the end of the year. St. Elmo Marketplace is expected to be completed by mid-2018.