On Aug. 4, Sabot Development of Austin received final approval from the city’s Historic and Design Review Commission (HDRC) for a 10-story apartment tower just west of the Pearl, opposite the San Antonio River.
The new building will consume most of the square block—1.55 acres—bound by East Euclid, East Locust, East Elmira and East Myrtle streets.
It will be called Mira, and construction is scheduled to begin in January 2022, Jim Young, Sabot’s managing partner and San Antonio native, told the San Antonio Business Journal. It’s anticipated to be completed by first quarter 2024.
The development will consist of 299 market-rate units, 12,000 square feet of retail and 429 parking spaces, some of which will be reserved for visitors of the retail shops or restaurants.
Sabot Development received conceptual approval from the HDRC in December 2019. Back then, development cost was estimated at more than $100 million.
[ Dec. 17, 2019: Austin developer planning 10-story mixed-use project west of Pearl ]
At the time, Young told the Heron that Sabot was not pursuing incentives from the city, which would make it the first development built in the downtown area without the aid of some sort of government subsidy since San Antonio began incentivizing downtown development during the Mayor Julián Castro era, and even before that.
It’s unclear if this is still the case; Young did not answer questions submitted by the Heron via email. However, the fact that the apartments remain market-rate suggests no subsidy is being used.
The development is one of four major apartment projects either underway or in the planning stages west of the Museum Reach segment of the river.
» A block south of Mira, Pearl developer Silver Ventures is planning a seven-story, 265-unit apartment building at 1126 E. Elmira St.
» North of Mira, the Lynd Co. and the San Antonio Housing Authority are planning a 259-unit mixed-income development at 210 W. Josephine St.
» And Embry Partners and Area Real Estate continue construction of its 338-unit apartment, mixed-use project at the former Borden Creamery site on the 800 block of East Ashby Place.