A plan to build a 13-story apartment tower at 421 S. Presa St. was given final approval by the Historic and Design Review Commission on Wednesday.
The project will consist of 73 units, said Wimberley developer Tim Proctor, who spoke briefly with reporters after the item was approved.
Proctor did not give many details on the project. Through his company, Laney Development Group LLC, Proctor expects construction to begin this year, but, when asked, didn’t not give a more specific timetable. He said construction would take two years to complete.
Rent ranges were still to be determined, he said. Though, in reports by the San Antonio Express-News and The Rivard Report, in December and February, respectively — in which Proctor was interviewed — rents were described as roughly $3 a square foot. Such a price-range would put The Durango, as it’s called in city documents, as one of the most expensive rental properties in the city.
The development will cost $30 million to build, and will include 1,461 square feet of retail, according to a review of the city’s now-expired Center City Housing Incentives Policy (CCHIP).
The project is due to receive CCHIP incentives worth $3.3 million — an estimated $2.4 million of which are city tax rebates over 15 years.
In December, The Durango was granted the CCHIP incentives package a day before Mayor Ron Nirenberg put a moratorium on the program, while ordering the city’s Center City Development & Operations (CCDO) department to hammer out a new policy that benefits affordable housing efforts.
The revised CCHIP plan is scheduled to be presented to City Council next month, CCDO officials said recently.
The project is located at the northeast corner of Presa and East César E. Chávez Boulevard, across the street from the King William Historic District.
Rendering courtesy Laney Development Group LLC / Historic and Design Review Commission