Pearl developer Silver Ventures could receive an incentive package from the City of San Antonio worth $3.6 million over 10 years, while also contributing $1 million to the city’s affordable housing fund, for its latest apartment project.
The 265-unit residential development would be located on the other side of the San Antonio River from the Pearl’s main campus. It’s slated to go on a 3.1-acre lot on East Elmira Street, and rise seven stories with a facade made of brick masonry and painted stucco. Live-work units and 7,500 square feet of retail space would lined the street level.
On Wednesday, the project receive conceptual approval from the Historic and Design Review Commission (HDRC) on Wednesday.
[ Download the HDRC agenda packet for the Elmira Apartments. ]
The city’s incentive package includes a 75% rebate on city property taxes for Silver Ventures worth $3.1 million over 10 years, as well as $500,000 in SAWS fee impact waivers, which the developer will request from the MidTown Tax Increment Reinvestment Zone (TIRZ). The other 25% of the rebate—worth roughly $1 million over 10 years—will feed into the city’s affordable housing fund, which is used to create and restore below-market-rate housing.
Because developing the land will increase its value, other taxing entities are expected to benefit from the build. The city estimates the San Antonio Independent School District will receive $1.1 million annually, and Alamo Colleges $112,000 annually, from the property after the apartments are built.
The project’s cost and timeline are unclear. Bill Shown, Silver Ventures’ managing director for real estate, did not respond to an email inquiry earlier this week.
[ Read more: “Pearl developer Silver Ventures plans to build 265 apartments across the river” ]
Elmira Apartments
» Address: 1126 E. Elmira St.
» Developer: Silver Ventures
» Property Owner: Silver Ventures
» Occupancy: N/A
» Rent or Buy: Unknown
» Height: 7 stories
» Land size: 3.1 acres
» Total units: 265
» Market rate: Unknown
» 80% AMI: Unknown
» 60% AMI: Unknown
» 30% AMI: Unknown
» Student Units: Unknown
» Section 8: Unknown
» Retail (s.f.): 7,500
» Office (s.f.): Unknown
» Parking: Garage; unknown number of spaces
» Construction start date: Unknown
» End date: Unknown
» Architect: Don B. McDonald
» Cost: Unknown
» Investors: Unknown
» Financing: Unknown
» San Antonio Incentives: $3.6 million
» SAWS Fee Waivers: $500,000 to be requested from MidTown Tax Increment Reinvestment Zone (TIRZ) board
» City Fee Waivers: N/A
» City Loans: N/A
» Est. City Property Tax Rebate: $3.1 million (estimated $313,476 per year for 10 years)
» Bexar County Incentives: Unknown
» Texas incentives: Unknown
» Federal incentives: Unknown
» Other: Unknown
» TOTAL PUBLIC SUBSIDY: $3.6 million
» Return on investment: Unknown
Heron Editor Ben Olivo can be reached at 210-421-3932 | ben@saheron.com | @rbolivo on Twitter
These will no doubt be pricey apartments, in the hottest development in one of the most in-demand areas of SA. They already own the land, they get to shut down two streets. Why do they need a tax incentive here?
Silver Ventures is a multi-million dollar developer. Yet they are reaching into the taxpayers’ pockets for its latest apartment project. The City could offer a $3.6 million incentive package under the guise of ‘affordable housing.’ I get the impression that the millionaire developers stand to gain more benefit than the ‘poor’ people that want to live in a rich neighborhood.