Heritage Plaza, a five-story, 343-unit apartment building under construction a block south of the Bexar County Courthouse, is expected to become available for its first residents in May, according to the developer.
The $57 million market-rate project is the second in downtown San Antonio for Cypress Real Estate Advisors of Austin, aka Argyle Residential, which also completed the Rivera on Broadway in 2017 before recently selling it to The Barvin Group of Houston.
Heritage Plaza is significant because it’s one of the few incentive-backed housing developments located in the downtown core. The five- and six-story building is going up inside East César E. Chávez Boulevard in south downtown, adjacent to Encore SoFlo, which was completed last June by Encore Enterprises of Dallas.
The development also include 5,000 square feet of retail space, but a tenant hasn’t been selected, Ricky De Camps, Cypress’ development manager, said in an interview last month.
Heritage Plaza the apartments replaces Heritage Plaza the city-owned four-story office building, which once stood on the southeast corner of Dwyer Avenue and Stumberg Street before it was demolished in 2017.
All that remains on the block is a 1910-built house at 315 Dwyer Ave. owned and occupied by George A. Scharmen and his law firm. Heritage Plaza has been erected around the two-story house a la Pixar/Disney’s 2009 movie “Up.”
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Heritage Plaza info
» Address: 410 S. Main Ave.
» Developer: Cypress Real Estate Advisors (Austin)
» Property owner: Cypress Real Estate Advisors (Austin)
» Type: Housing with retail
» Height: Five to six stories
» Units/square feet: 343 units; 5,000 s.f. retail
» Rental type: Market-rate
» Land size: 2.6 acres
» Cost: $57 million
» Investors/financing: Undisclosed
» Incentives: $4.4 million from San Antonio’s Center City Housing Incentive Policy (view CCHIP agreement)—an estimated $4.3 million in city property tax rebates, $158,442 in city fee waivers.
» Rate of return on investment: Undisclosed
» Construction start date: Late 2018
» End date: May 2020
» Architects: GFF Architects (Dallas)
July 6, 2018
The Historic and Design Review Commission (HDRC) approves certain portions of the development to go up in height by a floor—from five to six. Read more.
May 17, 2017
HDRC grants Cypress Real Estate Advisors a certificate of appropriateness for its development. Read more.