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-   -   SAN ANTONIO │ Villita Street Tower │ 284 FEET | 24 FLOORS │ Pending (https://skyscraperpage.com/forum/showthread.php?t=220995)

babysal Feb 10, 2016 5:43 PM
SAN ANTONIO │ Villita Street Tower │ 284 FEET | 24 FLOORS │ Pending
 
Dallas-based JMJ Development LLC plans to break ground this summer on a 30-story luxury apartment tower along the River Walk in downtown San Antonio.
The tower, named JMJ Towers River Walk, will have 201 luxury apartments and upscale restaurant and retail space, according to a news release from the developer. It will be at 120 Villita Street, across from the Riverwalk Plaza Hotel & Suites.



By RICHARD WEBNER

February 10, 2016 10:51 AM

Link to article:

http://mysanantonio.com/business/loc...#photo-9376851

ILUVSAT Feb 10, 2016 6:03 PM
Great news!!! Hope it comes to be. Interesting that the news gets out here but JMJ does not mention it anywhere on its website.

texboy Feb 10, 2016 6:47 PM
Excellent news for SA! Also good to see that the 24 story Hilton received the go-ahead from HDRC!

The Model Feb 10, 2016 7:45 PM
Wow, were going to have some cranes going up soon!!!!

Paul in S.A TX Feb 10, 2016 8:11 PM
This project will be next to the Tower life.

When are the renderings for the Frost Bank going to be released?

jaga185 Feb 10, 2016 10:23 PM
Wow. That's extremely surprising, I wonder how the approval process will work with that height at the corner like that. Except the Granada is there and cause much to the north. They my have something to say for the shadow in the morning.

Spoiler Feb 10, 2016 11:51 PM
Hopefully this is only the beginning for that very empty stretch of river.

Paul in S.A TX Feb 11, 2016 12:34 AM
When I was in elementary school (1980's)there were plans for a condo tower called the Riverton on that same corner but it was never built.

necropolis Feb 11, 2016 2:36 AM
I read in the article that the city is looking into whether the project can house affordable units. I'm all for having mixed units but if the building is described as luxury apartments then let it be. There can be other options for affordable housing elsewhere. I personally think the city's focus should be less on making developers include affordable units and more on recruiting jobs that are more than call center or back office operations. San Antonio can't tout it's cheap labor and then get upset when new developments require more than minimum wage to live there, especially when development costs might be generating that. That's a problem to be fixed by increased education and better job recruitment.

Enough with that rant but I'd hate for a self-described luxury building to start turning to less than market rate units and take away from something we only have a handful of, luxury high rise residential building. Hopefully the timeline of a summer groundbreaking stays on track. This could be an exciting next 2-3 years of downtown skyline changes!

Fireoutofclay Feb 11, 2016 3:16 AM




Quote:
A 30-story luxury apartment tower is planned along the River Walk, giving San Antonio one of its biggest triumphs so far in its 5-year-old Decade of Downtown initiative to revive the city’s center.

Dallas-based JMJ Development LLC plans to break ground this summer on the tower, named JMJ Towers River Walk, which is expected to cost more than $50 million and take about 2½ years to finish, said Tim Barton, chief executive of the real estate firm.

The development, on Villita Street across from the Riverwalk Plaza Hotel & Suites, will have 201 luxury apartments, upscale restaurants and retail space, according to a news release from JMJ.

Barton said the firm considered building a hotel there but decided on apartments after perceiving “pent-up demand” among both baby boomers who crave a more urban lifestyle after raising their kids as well as millennials who don’t want to commit to buying homes.

“San Antonio doesn’t have any high-rise products or lifestyle products, so we feel it’s a great opportunity,” Barton said in an interview. “There’s still growth in the market as people start to do better and better.”

The building will likely have a stone facade on the street level to blend with the local architecture, while the higher floors will have a more modern, glassy design, Barton said. JMJ and city officials are still working out the design, he said.

“The skyline of San Antonio is truly unique — we want more of that,” said District 1 Councilman Roberto Treviño, whose district would include the tower.

The tower would remold San Antonio’s skyline, which has been stagnant since the Grand Hyatt San Antonio opened in 2008. Only three buildings in the city would be taller: the 38-story Marriott Rivercenter, the 34-story Grand Hyatt and the 32-story Weston Centre. It will be as high as the Tower Life Building and the San Antonio Marriott Riverwalk.

News of the tower comes a week after the Historic and Design Review Commission gave conditional approval for a 24-story boutique Hilton hotel a few blocks away. The city recently finished a $325 million expansion of the Convention Center which they expect to serve as a springboard for downtown redevelopment.

Other new building projects are in the works for downtown. Last spring, the city reached a deal with Weston Urban and Frost Bank to build the first new office tower downtown in more than 25 years. Another project would add 41 apartment units to the downtown Aztec building. City Council also recently approved a 163-unit apartment complex for Hemisfair.

The JMJ apartment tower project shows that “San Antonio is on the map for residential development, and in the heart of downtown,” said Pat DiGiovanni, president and CEO of Centro San Antonio. “We have not seen anything to this degree in a long time, so this is welcome news.”

The project is likely to draw close scrutiny due to its size and its location along the River Walk, DiGiovanni added.

JMJ is working on a deal to buy the 0.35-acre property, which doesn’t have historical designation and has been vacant for some time, Barton said. The apartments will be a mix of studio, one-bedroom and two-bedroom units, with top floor penthouse suites, a fitness area and a swimming pool. The units will rent from around $1,500 to $3,000 a month, he said.

The firm plans to ask for incentives under the city’s Center City Housing Incentive Policy — adopted in 2012 as part of the Decade of Downtown — which includes property tax rebates for up to 15 years, SAWS and city fee waivers, and low-interest loans.

One of Treviño’s concerns is whether the tower will include affordable housing. Barton said he’s been talking with city officials about including lower-cost units.

“We want to create places where everybody can afford to live,” Treviño said. “I think that is going to be part of what we’re looking at — can we explore getting some affordable spaces in this project?”

The tower will be JMJ’s second project in the San Antonio area. In 2008, it began construction on Kings Gate, a $25 million, 870-acre gated community in Medina County. Barton said his firm is “studying” other potential sites in San Antonio.

JMJ has also built master-planned communities in Nashville and Frisco, north of Dallas, according to its website. It has developed projects outside of the U.S., such as the Rosewood Mayakoba resort in Riviera Maya, Mexico, and the Rosewood Dubai hotel in Dubai, United Arab Emirates.

UrbanTrance Feb 11, 2016 4:43 AM
Can't wait!

Onward Feb 11, 2016 6:14 AM
Wow, this one came out of thin air. Cant wait to see the design. That's a great area for a project like this.

sakyle04 Feb 11, 2016 2:55 PM
Quote:
Originally Posted by Fireoutofclay (Post 7331557)
while the higher floors will have a more modern, glassy design
*rubs eyes, reads again, shakes head, rubs eyes, reads again...*

GoldenBoot Feb 11, 2016 3:19 PM
"The firm plans to ask for incentives under the city’s Center City Housing Incentive Policy — adopted in 2012 as part of the Decade of Downtown — which includes property tax rebates for up to 15 years, SAWS and city fee waivers, and low-interest loans.

'One of Treviño’s concerns is whether the tower will include affordable housing. Barton said he’s been talking with city officials about including lower-cost units.

'We want to create places where everybody can afford to live,' Treviño said. 'I think that is going to be part of what we’re looking at — can we explore getting some affordable spaces in this project?'"


This is a bit concerning...

jaga185 Feb 11, 2016 3:34 PM
Quote:
Originally Posted by GoldenBoot (Post 7332061)
This is a bit concerning...
Why concerning? I think a mix of affordable and market could work. Especially if you keep market on the top floors so they are worth it.

JACKinBeantown Feb 11, 2016 5:11 PM
Quote:
Originally Posted by Fireoutofclay (Post 7331557)
The building will likely have a stone facade on the street level to blend with the local architecture, while the higher floors will have a more modern, glassy design, Barton said.

Hopefully it will look more like this:

http://www.e-architect.co.uk/images/...r_E97T0769.jpg
http://www.e-architect.co.uk/images/...r_E97T0769.jpg


And less like this:

http://www.thesanantonioriverwalk.co...560_340_c1.jpg
http://www.thesanantonioriverwalk.com

sirkingwilliam Feb 11, 2016 7:20 PM
It will look like neither of those buildings.

JACKinBeantown Feb 11, 2016 7:31 PM
i just meant the quality of architecture.

sirkingwilliam Feb 11, 2016 7:54 PM
Quote:
Originally Posted by JACKinBeantown (Post 7332540)
i just meant the quality of architecture.
Oh, yes. I have to assume it'll have a very high quality design, considering the developer. The Grand is the result of it being city funded and them going the design/build route and choosing the least costliest option.

ILUVSAT Feb 11, 2016 9:42 PM
Quote:
Originally Posted by jaga185 (Post 7332088)
Why concerning? I think a mix of affordable and market could work. Especially if you keep market on the top floors so they are worth it.
I don't think he/she meant it in that manner. I believe the thought was that this development could get tied up (at least a bit) in the approval process since the developer is seeking incentives and the city wants affordable housing.

More affordable housing is a good thing. However, unless incentives completely offset the potential revenue, the more units of affordable housing included in a project could affect the cost of the "market rate" units (i.e., increasing their cost). The project has to be economically viable for the developer and his/her equity partners.

Another area in which the developer could cut costs and still remain economically viable is in overall design (this assumes the developer did not receive enough incentives while still including affordable units and keeping the cost of market rate units down).

sakyle04 Feb 12, 2016 3:27 AM
Quote:
Originally Posted by ILUVSAT (Post 7332776)
I don't think he/she meant it in that manner. I believe the thought was that this development could get tied up (at least a bit) in the approval process since the developer is seeking incentives and the city wants affordable housing.

More affordable housing is a good thing. However, unless incentives completely offset the potential revenue, the more units of affordable housing included in a project could affect the cost of the "market rate" units (i.e., increasing their cost). The project has to be economically viable for the developer and his/her equity partners.

Another area in which the developer could cut costs and still remain economically viable is in overall design (this assumes the developer did not receive enough incentives while still including affordable units and keeping the cost of market rate units down).
*nodding profusely*

this might be the explanatory post of the year.

UrbanTrance Feb 12, 2016 4:51 AM
30-Story Luxury Apartment Tower Aimed at River Walk

Quote:
IRIS DIMMICK on 11 February, 2016 at 20:38

JMJ Development, a Dallas-based developer, announced ambitious plans this week to construct a 30-story luxury apartment tower on the San Antonio River Walk downtown.

The real estate firm’s CEO Tim Barton said the tower will have 6,220 square feet of commercial space for restaurants and retail on the ground floor while the first six floors will host an “automated parking garage,” that will whisk parked cars from the ground level into stacked spaces above.

“(Residents will) pull up, park on the plate, lock it, and the plate is pulled into parking vending area,” said Barton, who estimates that the entire project, including the land, will cost about $50 million.

They plan to recover that cost through the rental of 201 units ranging from $1,500 studio efficiencies to $3,000 top-floor penthouses. Amenities would include a pool, gym, and roof-top common space.

“The timing is right for a product like this,” Barton said. “You have a city that is proactive to make a development work … (San Antonio) is cooperative and open to dialogue.”

San Antonio’s emerging downtown real estate market might have attracted the firm to the city, but it was the City’s commitment to downtown development as demonstrated by its Center City Housing Incentive Policy that made Barton confident in the project called JMJ Towers River Walk.

“JMJ Development has met with (Center City Development and Operations Department) staff regarding incentives for the project under the Center City Housing Incentive Policy,” stated John Jacks, CCDO interim director in an email.

“An incentive agreement has not yet been executed but, per the policy, the project would be eligible for fee waivers, low-interest loans, and a tax rebate, all subject to funding availability and design approval by (Historic and Design Review Commission).”

The firm is currently under contract to purchase the vacant 0.35-acre property – which works out to be about almost 15,250 square feet.

Barton said it was atypical to announce building plans before such steps were finalized, but that they wanted to be “good neighbors and let everyone know what’s going on.”

Because it sits inside a River Improvement Overlay District, designs for the building will go through HDRC. Local architecture firm B&A Architects is working on preliminary designs, Barton said. “We’re a few weeks away from finishing up a design rendering.”

The JMJ Towers River Walk is currently the largest proposed housing project in the Central Business District, is being hailed by downtown community leaders as a lynchpin for efforts to revitalize San Antonio’s inner city and the Decade of Downtown.

Some sources in the development community, however, have a wait-and-see attitude, citing the yet-to-be finalized property and financial/incentive deals.

If all goes as Barton plans, construction would begin this fall and it would take about 2 1/2 years before move-in.

JMJ has been a part of high-end hotel, single-family, and rental real estate deals around the world including King’s Gate, a 870-acre master planned community near Medina Lake and luxury hotels in Mexico and Dubai.
http://therivardreport.com/30-story-...to-river-walk/

UrbanTrance Feb 12, 2016 5:13 AM
This is a pic from the article for massing purposes (not the final design).

http://therivardreport.com/wp-conten...w-02-11-16.jpg
http://therivardreport.com/30-story-...to-river-walk/

JACKinBeantown Feb 12, 2016 5:46 PM
(Like button)

Well, the massing has a good shape to it. It looks to be about 360 feet or so. If they can follow through with a good design, I'll be happy.

Fireoutofclay Feb 12, 2016 6:41 PM
The building looks to be on the site of the old Bowen Island. I bet some cool stuff will be uncovered from that location. I think it would be nice if the developers could reference the location, perhaps a waterway or restaurant sharing that name.

http://www.edwardsaquifer.net/images/sar_1836_2000.gif

photo from: http://www.edwardsaquifer.net/sariver.html

KevinFromTexas Feb 12, 2016 7:52 PM
Quote:
Originally Posted by UrbanTrance (Post 7333274)
This is a pic from the article for massing purposes (not the final design).

http://therivardreport.com/wp-conten...w-02-11-16.jpg
http://therivardreport.com/30-story-...to-river-walk/
Judging from this, it looks like it's around 320 to 330 feet. The Tower Life Building is 404 feet. The Drury Plaza Hotel is 284 feet to the roof, 312 feet to the sign and 346 feet to the mast. It's somewhere between the height of the top of the Drury Hotel sign and the mast height. So it's probably just about tied for 6th place with the Crowne Plaza Hotel.

ILUVSAT Feb 12, 2016 10:18 PM
Quote:
Originally Posted by UrbanTrance (Post 7333252)
30-Story Luxury Apartment Tower Aimed at River Walk



The real estate firm’s CEO Tim Barton said the tower will have 6,220 square feet of commercial space for restaurants and retail on the ground floor while the first six floors will host an “automated parking garage,” that will whisk parked cars from the ground level into stacked spaces above.

“(Residents will) pull up, park on the plate, lock it, and the plate is pulled into parking vending area,” said Barton, who estimates that the entire project, including the land, will cost about $50 million.

They plan to recover that cost through the rental of 201 units ranging from $1,500 studio efficiencies to $3,000 top-floor penthouses. Amenities would include a pool, gym, and roof-top common space.



http://therivardreport.com/30-story-...to-river-walk/
I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives.

Even if the building is actually going to cost $500 million (about twice as much as Austin's Austonian), the roughly 200 for rent (apartment) units, ranging in price from $1,500 to $3,000, is not going to meet margins (without massive incentives from the City). Add to that...the fact that they would could only receive massive incentives if they added a lot of affordable units within the project. Something is very amiss here.

Also, I am not very familiar with JMJ's development history...how may high-rises have they completed?

Additionally, 6,200 SF of commercial/retail space is smaller than your typical Chili's restaurant. So they are not making too much off of that.

Don't get me wrong. I really, really want this type of development to become the norm in SA. But, I am cautious with this proposal as currently presented publicly. Why have all the bells and whistles when there is no competition and a perceived pent-up demand??? Hey, I know...it's cool and all. But, it does not make common business sense.

I have little doubt that something will get built on this site. However, I do not, at the moment, believe it is what is currently being sold by the developer.

ILUVSAT Feb 12, 2016 10:32 PM
Quote:
Originally Posted by KevinFromTexas (Post 7333892)
Judging from this, it looks like it's around 320 to 330 feet. The Tower Life Building is 404 feet. The Drury Plaza Hotel is 284 feet to the roof, 312 feet to the sign and 346 feet to the mast. It's somewhere between the height of the top of the Drury Hotel sign and the mast height. So it's probably just about tied for 6th place with the Crowne Plaza Hotel.
Kevin, I agree. 30 stories, only 200 units, above-grade parking and ground-level retail, this tower (to the height of the roof) should be in the neighborhood of 320'-330'. WHICH IS GREAT!!!

I'd rather have that than nothing!

Paul in S.A TX Feb 12, 2016 10:58 PM
Quote:
Originally Posted by KevinFromTexas (Post 7333892)
Judging from this, it looks like it's around 320 to 330 feet. The Tower Life Building is 404 feet. The Drury Plaza Hotel is 284 feet to the roof, 312 feet to the sign and 346 feet to the mast. It's somewhere between the height of the top of the Drury Hotel sign and the mast height. So it's probably just about tied for 6th place with the Crowne Plaza Hotel.
30 floors doesn't always mean it will be in the 300 ft range. The Grand Hyatt is 424 feet and is 34 floors the same with the Weston tower which is 30 floors and almost 500 feet to the mast.. 30 floors in such a small footprint could easily surpass 400 feet.

UrbanTrance Feb 12, 2016 11:08 PM
Quote:
Originally Posted by ILUVSAT (Post 7334101)
I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives.
Ha, yes, the automated car parking made me think of the Porsche Tower in Miami.

http://cdn.cstatic.net/images/gridfs...023f/HBGv9.jpg
http://cdn.cstatic.net/images/gridfs...0249/tnqvR.jpg
http://forum.skyscraperpage.com/showthread.php?t=210682


Except this sounds like it will be in a garage and not next to each individual apartment.

The project does sound ambitious, but I'm hoping for the best. The group has done the Rosewood Dubai and apparently was prepared to do this Le Diamond Ring Hotel in Dubai, but I don't think it was ever built.

http://www.villiard.com/images/argen...iche-hotel.jpg
http://liveromanticlove.blogspot.com...tel-dubai.html

Not sure of anything else.

KevinFromTexas Feb 13, 2016 12:39 AM
Quote:
Originally Posted by ILUVSAT (Post 7334115)
Kevin, I agree. 30 stories, only 200 units, above-grade parking and ground-level retail, this tower (to the height of the roof) should be in the neighborhood of 320'-330'. WHICH IS GREAT!!!

I'd rather have that than nothing!
Yes, absolutely. For the record, I'm thrilled with the news of these new towers in San Antonio. I don't care at all for negative competition. I see this is as a plus because, for one, I'm happy for you guys and San Antonio, but also I'll enjoy watching these progress on the forum and when I'm in San Antonio. I'm very excited.

Quote:
Originally Posted by Paul in S.A TX (Post 7334160)
30 floors doesn't always mean it will be in the 300 ft range. The Grand Hyatt is 424 feet and is 34 floors the same with the Weston tower which is 30 floors and almost 500 feet to the mast.. 30 floors in such a small footprint could easily surpass 400 feet.
I'm just basing that on the 3D image that accompanied the article.

I do remember the article that firedoutofclay posted, which said this:

http://forum.skyscraperpage.com/show...7&postcount=10
Quote:
Only three buildings in the city would be taller: the 38-story Marriott Rivercenter, the 34-story Grand Hyatt and the 32-story Weston Centre. It will be as high as the Tower Life Building and the San Antonio Marriott Riverwalk.
I'm pretty sure what that article quote means is that those other three buildings have more floors than this one will, and therefore, they are taller - which they are. The article also says it'll be as tall as the Tower Life Building and Marriott Riverwalk Hotel, but the Tower Life Building and Marriott Riverwalk are nowhere near the same height. Tower Life Building is 404 feet tall, while the Marriott Riverwalk is 271 feet tall. I'm not saying what I'm saying because I'm trolling the subject, I'm saying it because I've been studying building heights and collecting them long enough to know this is what we can expect, and because San Antonio is one of the few other cities where that I care enough about to pay attention to, other than my own city. As an aside, we went out to eat last night, and there was a mariachi band playing live in the restaurant. They performed Rose of San Antone, and it made me smile. I love San Antonio more than you guys probably realize.

GoldenBoot Feb 14, 2016 4:42 AM
Quote:
Originally Posted by Paul in S.A TX (Post 7334160)
30 floors doesn't always mean it will be in the 300 ft range. The Grand Hyatt is 424 feet and is 34 floors the same with the Weston tower which is 30 floors and almost 500 feet to the mast.. 30 floors in such a small footprint could easily surpass 400 feet.
Paul...Residential, hotel and office structures have different requirements in floor-to-floor height. They cannot be compared apples-to-apples against each other.

Restless 1 Feb 14, 2016 6:17 AM
Agree IluvSa
 
"I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives."

Something seems not quite right.

To those addressing "affordable housing", well, those requirements are part of the reason we get boring, beige buildings. Those costs have to be made up somehow, and less than appealing designs is one way that is done.

sirkingwilliam Feb 14, 2016 6:40 AM
Quote:
Originally Posted by Restless 1 (Post 7335316)
"I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives."

Something seems not quite right.

To those addressing "affordable housing", well, those requirements are part of the reason we get boring, beige buildings. Those costs have to be made up somehow, and less than appealing designs is one way that is done.
None of what you said is true.

Affordable has had nothing to do with the designs of past buildings and has only been an incentive in the last couple of years.

It will have no affect on the design of this building or any building.

And it has yet to be seen if this developer will offer those prices. It's just one council person voicing their opinion.

JACKinBeantown Feb 14, 2016 7:36 PM
Quote:
Originally Posted by UrbanTrance (Post 7333274)
This is a pic from the article for massing purposes (not the final design).

http://therivardreport.com/wp-conten...w-02-11-16.jpg
http://therivardreport.com/30-story-...to-river-walk/
I know it's just a massing model but it looks to be about the same as the Tower Life Building where the beige meets the green roof. The Tower Life is 404 feet to the base of the flagpole. That's why I guessed 360 feet (or so). Does anyone know the height of the Tower Life to that level?

KevinFromTexas Feb 15, 2016 4:18 AM
Quote:
Originally Posted by JACKinBeantown (Post 7335563)
I know it's just a massing model but it looks to be about the same as the Tower Life Building where the beige meets the green roof. The Tower Life is 404 feet to the base of the flagpole. That's why I guessed 360 feet (or so). Does anyone know the height of the Tower Life to that level?
Not officially since we don't have the blueprints/building elevations for it, but I measured it with Google Earth, and it's 346 feet tall from the lowest elevation along St. Mary's Street (near the river) to the beige facade just below the green roof.

JACKinBeantown Feb 15, 2016 3:49 PM
So there's my guess... 346 feet. Thanks, Kevin.

The Model Feb 17, 2016 9:32 PM
http://static.panoramio.com/photos/o...l/62321329.jpg

Found this view in my archives. From this angle the building will cover up the Tower Life Building.

GoldenBoot Feb 17, 2016 11:29 PM
Quote:
Originally Posted by sirkingwilliam (Post 7335325)
Affordable has had nothing to do with the designs of past buildings and has only been an incentive in the last couple of years.

It will have no affect on the design of this building or any building.

Really? Any building?

JACKinBeantown Feb 18, 2016 4:01 PM
Quote:
Originally Posted by The Model (Post 7339181)
http://static.panoramio.com/photos/o...l/62321329.jpg

Found this view in my archives. From this angle the building will cover up the Tower Life Building.
Where is that taken from, Raul?

The Model Feb 18, 2016 5:27 PM
Quote:
Originally Posted by JACKinBeantown (Post 7340196)
Where is that taken from, Raul?
Parking garage at Nueva and Flores.

ILUVSAT Feb 18, 2016 10:35 PM
Nice! I love it!

JACKinBeantown Feb 19, 2016 4:43 AM
I've lived in San Antonio, Austin, LA, NYC, Boston and a couple other places... and still the Tower Life building is one of my all time favorites. Raul's photo (with the antenna... pre-flag) reminded me of that.

Keep-SA-Lame Feb 19, 2016 3:57 PM
Quote:
Originally Posted by ILUVSAT (Post 7334101)
I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives.

Even if the building is actually going to cost $500 million (about twice as much as Austin's Austonian), the roughly 200 for rent (apartment) units, ranging in price from $1,500 to $3,000, is not going to meet margins (without massive incentives from the City). Add to that...the fact that they would could only receive massive incentives if they added a lot of affordable units within the project. Something is very amiss here.

Also, I am not very familiar with JMJ's development history...how may high-rises have they completed?

Additionally, 6,200 SF of commercial/retail space is smaller than your typical Chili's restaurant. So they are not making too much off of that.

Don't get me wrong. I really, really want this type of development to become the norm in SA. But, I am cautious with this proposal as currently presented publicly. Why have all the bells and whistles when there is no competition and a perceived pent-up demand??? Hey, I know...it's cool and all. But, it does not make common business sense.

I have little doubt that something will get built on this site. However, I do not, at the moment, believe it is what is currently being sold by the developer.
Couldn't agree more. This proposal really doesn't add up and frankly seems more than a little fishy, I would be absolutely shocked if this actually got built.

Rynetwo Mar 8, 2016 10:19 PM
Quote:
So the Dallas-based developer has hired Colliers International (NYSE: CIGI) — a commercial real estate company that doesn't yet have a physical presence in San Antonio — to help it source $47 million in debt and equity for what it will call the Villita Tower, which would include 201 market-rate units.
JMJ isn't expecting to find that kind of money between the couch cushions.
It has a name.

http://www.bizjournals.com/sanantoni...r-enlists.html

Restless 1 Mar 9, 2016 2:42 PM
Quote:
Originally Posted by Rynetwo (Post 7363807)
From the link: "JMJ Development's plans for a 30-story luxury apartment tower in downtown San Antonio already shot through the city's average four-story ceiling, but without financing, those plans wouldn't even rise above the ground."

Pretty much sums it up. Hopefully with the proposals in the pipeline, this perception will change.

SAtown Mar 9, 2016 6:27 PM
Quote:
Originally Posted by Restless 1 (Post 7364508)
From the link: "JMJ Development's plans for a 30-story luxury apartment tower in downtown San Antonio already shot through the city's average four-story ceiling, but without financing, those plans wouldn't even rise above the ground."

Pretty much sums it up. Hopefully with the proposals in the pipeline, this perception will change.
AGREED.

But reading the article, $47 million...? That's it? I'm still cautiously optimistic about this one. While I would love a high rise apartment, their comments that our rental market supports this kind of development doesn't add up to me yet. We are still a few years out, I think. But I would happily move there!

Spoiler Mar 9, 2016 9:33 PM
Quote:
Originally Posted by SAtown (Post 7364889)
AGREED.

But reading the article, $47 million...? That's it?
Well... it will be a very skinny building....:shrug:

Restless 1 Mar 9, 2016 10:22 PM
Quote:
Originally Posted by SAtown (Post 7364889)
AGREED.

But reading the article, $47 million...? That's it? I'm still cautiously optimistic about this one. While I would love a high rise apartment, their comments that our rental market supports this kind of development doesn't add up to me yet. We are still a few years out, I think. But I would happily move there!
Emaphasis on "cautiously". :)

babysal Mar 10, 2016 8:26 PM
│ JMJ Towers Riverwalk │ 30 FLOORS │ Proposed
 
I'm hearing (from a friend who works in the industry) that this development is going to encompass a bit more land and ground level development. The investment may be in the $100 million range. The proposed tower could ultimately be 44 stories tall when all is said and done.


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