Construction works has begun on the first phase of Broadway East, a $90 million, 386-unit market-rate apartment complex by Dallas firm Encore Multifamily that’s one block east of Broadway near the Pearl.
The Midtown TIRZ board tabled $4.8 million in incentives for Broadway’s next apartment building because it needed more details on an even larger project it’s being asked to help fund: the burying of overhead power lines on Broadway from Interstate 35 to East Mulberry Avenue.
In the area of housing, it seems likely that the early 2020s will mark another turning point for San Antonio.
The $24 million incentive package that GrayStreet Partners and Midway received last month to redevelop the former Lone Star Brewery tops the list of San Antonio’s most subsidized urban development projects.
Local developer David Adelman and a partner have purchased a four-acre warehouse property directly north of the Lone Star Brewery with plans to build on the momentum of the area’s growth by developing it with a residential use.
Residents of the Lavaca neighborhood are voicing their displeasure with a 7-Eleven gas station that’s planned for a 1-acre plot of land along Interstate 37 between Florida and Carolina streets.
Any concerns about the sheer size of the Lone Star’s $24 million incentive deal, or over the potential displacement of nearby residents, were outweighed by the fact that someone is finally breathing new life into these ghostly industrial shells after 25 years.
On Thursday, City Council unanimously approved $24 million in incentives to help a partnership between GrayStreet Partners and Midway succeed where so many others have failed: to redevelop the blighted Lone Star Brewery complex.
The developers of the Lone Star Brewery are seeking $24 million in subsidies from the City of San Antonio to cover the cost of infrastructure and other public upgrades in and around the long-abandoned site.
As tourists and locals flock to the Canopy by Hilton, downtown’s latest hotel, they most likely won’t have a clue as to the difficulties in building something that tall, and on the river no less.