On Tuesday, crews began demolishing three single-story commercial buildings on the 100 block of East Commerce Street for the 17-story Floodgate, a luxury apartment project by local developer Keller Henderson that will also face the River Walk.
The $43 million, octagonal tower will stand between the Witte building and Esquire Tavern, which are both owned by local developer Chris Hill. Hill and Merritt Development Group of Austin are also building the 22-story Canopy by Hilton on the end of the block at North St. Mary’s Street, across from the Aztec Theatre.
On Dec. 5, 2018, the Historic and Design Review Commission (HDRC) granted the Floodgate a certificate of appropriateness, which approved the design as well as the demolition of the row of commercial structures, which were local landmarks, that stood in its place. In recent years, notable tenants included restaurants Bella on the River and Jerry’s Chicago Style Hotdogs. The HDRC ordered the historic stone flood wall along the River Walk, the parts of the buildings that face the River Walk, be incorporated into the Floodgate’s design.
It’s unclear whether Henderson will deconstruct the wall stone by stone and reconstruct it later, which is the method Hill and Merritt Development are using for the former Mortgage Investment Corp./Sullivan Bank building and Alamo Fish Market facades at the Canopy site.
Henderson did not return an interview request for this update.
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The Floodgate info
» Address: 143 E. Commerce St. (also faces River Walk)
» Developer: Keller Henderson (San Antonio)
» Property owner: Keller Henderson (San Antonio)
» Type: Housing with retail
» Height: 17 stories
» Units/square feet: 53 units; 15,000 s.f. restaurant (river and street)
» Rental type: Luxury
» Land size: 0.17 acres
» Cost: $43 million
» Investors: Undisclosed
» Incentives: $3.9 million from San Antonio’s Center City Housing Incentive Policy (view CCHIP agreement)—an estimated $3.1 million in city property tax rebates, $300,000 SAWS fee waivers, $111,288 in city fee waivers, and a $375,000 mixed-use loan.
» Rate of return on investment: Undisclosed
» Construction start date: Unknown
» End date: Unknown
» Architects: Rhode: Partners (Austin)
Dec. 5, 2018
Design for The Floodgate, a 17-story luxury apartment tower on East Commerce Street, received a certificate of appropriateness from the Historic and Design Review Commission. Its contemporary design and octagonal shape on one of downtown’s most prominent blocks makes the project stand out. The project, by Keller Henderson of San Antonio, will include 53 units and restaurant space on the River Walk and on Commerce. Read more.
June 6, 2018
The Floodgate design wins conceptual approval at the Historic and Design Review Commission meeting. The design shoots from 10 stories, the original concept, to 17 stories. Read more.
Word of the Floodgate, named for its location near the River Walk’s north floodgate, first appears in an article in the San Antonio Express-News. In the piece, Henderson says rents would average $4 per square foot, which would make it the most expensive apartment property in San Antonio. Read more.