Southline, a 223-unit apartment building that effectively extends the Pearl’s footprint across Newell Avenue to the south, is scheduled to open in November.
The all-market-rate apartment development is located at 226 Newell Ave., next to the section of the Museum Reach that features Donald Lipski’s “F.I.S.H.” art installation under Interstate 35.
Rents at Southline start at $1,580 for a 653-square-foot one-bedroom unit and go as high as $2,805 for a 1,228-square-foot two-bedroom.
The building, which was built by Pearl developer Silver Ventures, is strictly housing composed of apartments with 10-foot ceilings, open floor plans, quartz countertops and private balconies with views of the Pearl and San Antonio River. For all residents, amenities include a pool with private cabanas, River Walk access, a rooftop terrace, a multi-level fitness center, a library, an outdoor yoga and fitness lawn, dog park, outdoor kitchens and a residents-only cafe and lounge. There is no retail component to Southline.
The $40 million development, which was preliminarily titled Brewery South, received a downtown housing incentive package from the city worth an estimated $3.5 million—an estimated $2.9 million in tax rebates over 15 years, and $676,022 in SAWS and city fee waivers. Download a copy of the agreement.
Last year, in an interview with the Heron, Bill Shown, managing director of Silver Ventures said the company expects a low rate of return on investment—less than 6 percent. Typically, for a downtown project like Southline, “you’d like to be at 7 or 8 percent,” Shown said.
“We do it because we are long-term holders, and it’s in the best interest of the Pearl at large to have more residential,” Shown said.
In an interview Tuesday night, Shown said Silver Ventures is going through a process of reinvention. “As we get clarity, we’ll have a better idea of what’s next,” he said.
Silver Ventures is continuing construction of a pair of mid-rise office buildings on Broadway—Credit Human’s future headquarters and a smaller building called the Oxbow, which will house Bank of America, among other tenants. Both buildings are scheduled for completion in the second quarter of 2020.
Shown said Silver Ventures is considering renovation of the former Samuels Glass Co. facility on Newell Avenue across from Southline.
The company owns at least 10 additional properties in the Pearl area, which were rezoned a year ago to give Silver Ventures a blank slate to build more apartments, office buildings, hotels, breweries, outdoor music venues and restaurants.
Silver Ventures also owns 4.74 acres on Lavaca Street south of downtown, which it purchased more than a year ago from the San Antonio Independent School District.
Restaurant-wise, the company is also looking to find a tenant for the former NAO location (the Culinary Institute of America-San Antonio’s student-lead restaurant). In October, it’s scheduled to physically move the old Liberty Bar from its original location on East Josephine Street to the northwest corner of East Grayson Street and Avenue A. Shown said there is no timetable for its completed rehab.