This month, crews are scheduled to begin the environmental abatement process on the ruinous Friedrich industrial site, preparing it for the mixed-income 358-unit Friedrich Lofts by 2025.
San Antonio Housing Trust PFC
Today, the City of San Antonio is due to formally begin the process of finding developers to build and preserve apartments, and build houses, as part of the $150 million housing bond.
The Tower Life Building’s new owners want to convert the long-time office building into 234 apartments with 10,000 square feet of restaurant space each on the ground and river levels.
The cost to build Cattleman Square Lofts has ballooned by $6 million since January.
If the $150 million housing bond passes, it will greatly expand the city’s role in creating and preserving affordable housing, but it’s not entirely unprecedented.
The San Antonio Housing Trust has introduced a new housing model that benefits the public more than developers, it says.
The downtown San Antonio apartment market, which city leaders went to such great effort to grow, has matured to a point where it is drawing major attention from out-of-town investors.
The area median income, or AMI, for the San Antonio-New Braunfels region has increased from $72,000 to $74,100 for a family of four.
The controversial Friedrich Lofts project on the East Side was approved Monday by the Housing Trust PFC board, which is composed of five City Council members, despite concerns of gentrification.
In mid-May, The Flats at River North, one of downtown’s largest mixed-use developments, began receiving its first residents.