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People now living at The Flats at River North on Broadway

June 12, 2021 By Ben Olivo 2 Comments

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The Flats at River North, 1011 Broadway, began receiving its first residents in May.
The Flats at River North, 1011 Broadway, began receiving its first residents in May. Photo by Ben Olivo | Heron

In mid-May, The Flats at River North, one of downtown’s largest mixed-use developments in terms of its sheer size, number of apartment units, and three large retail spaces, began receiving its first residents. Two weeks ago, Debra Guerrero, senior vice president of strategic partnerships and government relations of NRP Group, the building’s developer, told the Heron that a dozen households had moved into the five-story building.

Overall, The Flats at River North, 1011 Broadway, is composed of 283 units, half of which are being rented at market-rate prices. Ten percent of the units are being reserved for people earning between 50% and 60% of the area median income (AMI), or between $33,400 and $40,800. The rest are reserved for people making up to 80% AMI.

[ Scroll down for a chart showing AMI levels. ]

NRP Group built The Flats at River North in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), a city nonprofit entity that affords them a full property tax exemption, via a state law, in exchange for delivering below-market rate apartments.

The Flats at River North, 1011 Broadway, began receiving its first residents in May.
The Flats at River North as seen from Jones Avenue. Photo by Ben Olivo | Heron

The mammoth building consumes 2.7 acres—a full city block bound by Broadway, Jones Avenue, Avenue E and 10th Street—along the budding Broadway corridor, and a quarter-block south from the Museum Reach segment of the River Walk. It’s also across the street from Maverick Park, which a large part of which was recently renovated to include a dog park.

[ Related: An apartment development at Broadway and Jones Avenue has a name: The Flats at River North

The Flats at River North adds to other large-scale apartment buildings and complexes on Broadway, including 1221 Broadway and the Rivera nearby, and 1800 Broadway and The Mosaic, which abut the Pearl and its ever-growing mixed-use community.

There are three large retail spaces, one facing Broadway, and two facing Jones Avenue, but no tenants were signed as of last week, said Phillip Halliday of leasing company The Shop Companies.

“Generally, we are targeting things that benefit the neighborhood,” Halliday said. “We’re looking to serve the neighborhood, and serve the tenants in the buildings through our curating of the ground floor there: neighborhood services, and great restaurants and bars.”

Overall, there is more than 17,000 square feet of retail and restaurant space.

COURTESY THE SHOP COMPANIES

The Flats at River North received a reimbursement grant from the city’s Midtown Tax Increment Reinvestment Zone (last reported worth $680,000) for public upgrades around the building, along with an estimated $1.5 million incentive package from the city’s Center City Housing Incentive Policy, a combination of city and SAWS fee waivers and a mixed-use loan.

The largest incentive, however, is the full property tax exemption courtesy of the San Antonio Housing Trust PFC, an incentive tool that has come under scrutiny from housing advocates and Texas lawmakers this year.

[ Related: Tax breaks for developers under scrutiny in San Antonio, Texas capitol ]

[ Related: Two bills to reform PFCs, which provide tax breaks to developers, make progress in Legislature ]

The Flats at River North, 1011 Broadway, began receiving its first residents in May. <em>Photo by Ben Olivo | Heron</em> The Flats at River North, 1011 Broadway, began receiving its first residents in May. <em>Photo by Ben Olivo | Heron</em> The Flats at River North, 1011 Broadway, began receiving its first residents in May. <em>Photo by Ben Olivo | Heron</em> The Flats at River North, 1011 Broadway, began receiving its first residents in May. June 3, 2021. Photo by Ben Olivo | Heron The Flats at River North, 1011 Broadway, began receiving its first residents in May. <em>Photo by Ben Olivo | Heron</em> The Flats at River North, 1011 Broadway, began receiving its first residents in May. The Flats at River North, 1011 Broadway, began receiving its first residents in May. June 3, 2021. Photo by Ben Olivo | Heron The Flats at River North, 1011 Broadway, began receiving its first residents in May. June 3, 2021. Photo by Ben Olivo | Heron The Flats at River North, 1011 Broadway, began receiving its first residents in May. June 3, 2021. Photo by Ben Olivo | Heron The Flats at River North, 1011 Broadway, began receiving its first residents in May. June 3, 2021. Photo by Ben Olivo | Heron The Flats at River North, 1011 Broadway, began receiving its first residents in May. June 3, 2021. Photo by Ben Olivo | Heron The Flats at River North, 1011 Broadway, began receiving its first residents in May. June 3, 2021. Photo by Ben Olivo | Heron The Flats at River North facing Avenue B. May 30, 2021. Photo by Ben Olivo | Heron Flats at River North retail

…

2020 Area Median Income

Here are the latest area median income (AMI) levels for the San Antonio-New Braunfels region (Bandera, Bexar, Comal, Guadalupe and Wilson counties). Want to know more about how AMI works? Click here.
1 person2 person3 person4 person5 person6 person
120%$59,640$68,160$76,680$86,400$93,360$100,320
AMI$49,700$56,800$63,900$72,000$77,800$83,600
80%$40,310$46,100$51,850$57,600$62,250$66,850
70%$34,790$39,760$44,730$50,400$54,460$58,520
60%$30,240$34,560$38,880$43,200$46,680$50,160
50%$25,200$28,800$32,400$36,000$38,900$41,800
40%$19,880$22,720$25,560$28,800$31,120$33,440
30%$15,120$17,280$19,440$21,600$23,340$25,080
Source: U.S. Department of Housing and Urban Development

Heron Editor Ben Olivo can be reached at 210-421-3932 | ben@saheron.com | @rbolivo on Twitter

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Filed Under: Architecture, Broadway, Development, Housing, Neighborhoods, Retail, River North, River Walk, San Antonio Housing Trust Tagged With: 1221 Broadway, 1800 Broadway, Broadway, CCHIP, Center City Housing Incentive Policy, Debra Guerrero, Maverick Park, Midtown Tax Increment Reinvestment Zone, Midtown TIRZ, Museum Reach, NRP Group, Pearl, Phillip Halliday, River Walk, Rivera, San Antonio Housing Trust PFC, San Antonio Housing Trust Public Facility Corp., The Flats at River North, The Mosaic, The Shop Companies

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  1. Nirenberg names former Councilwoman Gonzales chair of San Antonio's Housing Commission, despite protests - San Antonio Heron says:
    July 23, 2021 at 1:03 pm

    […] to build mixed-income apartment complexes such as the Baldwin on the near East Side and the newly opened Flats at River North on Broadway. The nonprofit’s partnerships have recently been met with growing opposition from […]

    Reply
  2. Housing in San Antonio at crossroads with expired downtown incentive policy, new council members elected - SAHeron says:
    July 25, 2021 at 7:27 pm

    […] of the Housing Trust PFC, which has helped build projects such as The Baldwin and the newly-opened Flats at River North, consisted of the council members from Districts 1, 3, 4, 5 and 9. Later this summer, the mayor […]

    Reply

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