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Oxbow Development buys Pearl-area 'Mira' site from Austin firm

Oxbow Development Group - the development subsidiary of Silver Ventures — has expanded its footprint on the edges of the Pearl. The company recently purchased land at 1216 E. Euclid Ave. from Austin real estate firm Sabot Development, Bexar County records show.

The local developer is playing a large part in the transformation taking place around Pearl and the Tobin Hill area, with the Lewellan mixed-use project, a currently unnamed hotel project across the river from the Hotel Emma and a multifamily development on East Elmira Street. A purchase price was not disclosed. The land has an assessed value of about $1 million, according to a 2023 appraisal from the Bexar County Appraisal District.

Sabot had purchased the corner lot in 2020, announcing plans for Mira, a 10-story mixed-use tower, soon afterward. Plans called for 299 apartments, 11,660 square feet of retail space and 426 parking spaces.

The deal was brokered by JLL Managing Director of Capital Markets Robert Arzola and Senior Director Joe Dowdle. As the Business Journal previously reported, the land was put up for sale in March, advertised as fully entitled to deliver a mixed-use development to the Mira project's specifications.

At the time, Arzola said that the chance to be able to take part in the area's development was a rare opportunity.

"The site represents a once-in-a-lifetime opportunity for a developer to make a positive impact on our city," he said.

Sabot put another downtown-area property back on the market in May, listing the National Grocer Company building at 421 N. Medina St. in May.

Representatives for Oxbow and JLL were unavailable for comment by publication time.