Houston multifamily developer Urban Genesis is tightening its hold on North St. Mary’s Street with the purchase of a 0.6-acre vacant lot, down the street from the San Antonio Museum of Art, where it plans to build apartments.
Midtown & Pearl
A financial tool used to help fund affordable housing was recently repurposed for the San Antonio Zoo, the Witte Museum, Garden and Brackenridge Park, a move that has some nonprofit developers scratching their heads.
The downtown San Antonio apartment market, which city leaders went to such great effort to grow, has matured to a point where it is drawing major attention from out-of-town investors.
Let’s make one thing clear, the Decade of Downtown in San Antonio is alive and well. It hasn’t expired. And it will continue as long as there are city policies designed to incentivize the production of market-rate housing in the downtown area.
The Pearl is poised to undergo its greatest expansion in years after the city’s Historic and Design Review Commission approved three projects at its Wednesday meeting.
Urban Genesis plans to begin construction in mid-2022 on the apartments, which will be three to four stories tall.
The 386-unit, market-rate apartments by Dallas developer Encore Multifamily is the first phase of the Broadway East master-planning community across from the Pearl.
The project by Sabot Development will consist of 299 market-rate units, 12,000 square feet of retail and 429 parking spaces.
Members of the Black family, which operate Terry Black’s BBQ in Austin and Dallas, have purchased nearly a full city block on Broadway two blocks north of the Pearl.
The Midtown TIRZ board tabled $4.8 million in incentives for Broadway’s next apartment building because it needed more details on an even larger project it’s being asked to help fund: the burying of overhead power lines on Broadway from Interstate 35 to East Mulberry Avenue.