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.
Over the last five years, the partnership of developer David Adelman, and real estate executives Michael Jersin and Don Thomas of CBRE, have come to dominate St. Paul Square.
Fort Worth developer Vaquero Ventures received conceptual approval from the Historic and Design Review Commission on Wednesday on its envisioned 342-unit, five-story apartment building at 1220 E. Commerce St. in east downtown.
A local investment group is renovating the Best Western on East Commerce Street, adding a speakeasy to its basement, in a show of confidence in San Antonio’s hospitality sector and St. Paul Square.
The all-vegan Lucy’s Bodega has opened at St. Paul Square, 123 Heiman St. The couple also plans to open a Lucy’s Bodega on East Houston near Alamo Plaza.
In the area of housing, it seems likely that the early 2020s will mark another turning point for San Antonio.
The San Antonio Housing Trust and developer NRP Group are fielding offers to purchase the Cevallos Lofts, the 252-unit apartment building credited with spearheading growth in that area of Southtown since it was built in 2010.
Efforts by state lawmakers to rein in the use of public facility corporations, which provide lucrative tax breaks to developers building mixed-income apartment complexes, have remained under the radar at the Texas Legislature, with battles over voting and gun rights dominating the headlines.
A growing number of advocates are demanding that the City of San Antonio stop using property tax exemptions to build housing, while Texas lawmakers have a similar debate in Austin.