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Old Posted Jul 25, 2019, 9:10 PM
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Dallas developer JMJ now wants to build two apartment towers—one with SAHA’s help
JULY 25, 2019 BY BEN OLIVO
San Antonio Heron

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It appears the San Antonio Housing Authority (SAHA) is becoming one of downtown’s chief development players.

Through two nonprofit entities it created, SAHA is partnering with JMJ Development of Dallas on the St. Mary’s Tower, a 24-story apartment high-rise with a rooftop pool on the southwest corner of Villita and South St. Mary’s streets.

SAHA’s involvement grants the public-private partnership a property tax exemption on the tower. In exchange, according to state law, the partnership will offer half of the 250 units to households making 80 percent of the area median income (AMI), or less; the other half will be market-rate priced. JMJ CEO Tim Barton said in an email that he’s been asked to offer some units at 60 percent AMI, presumably by SAHA, but he didn’t give specifics.

What’s AMI?
The area median income (AMI) for a family of four in the greater San Antonio area (Bandera, Bexar, Comal, Guadalupe and Wilson counties) is $71,000, according to the U.S. Department of Housing and Urban Development. Here’s how it breaks down for lower-income households:
» 80% – $56,800
» 70% – $49,700
» 60% – $42,600
» 50% – $35,500
» 40% – $28,400
» 30% – $21,300
SAHA did not respond to an interview request for this report.

“By targeting this AMI level, the St. Mary’s Tower will be able to offer affordable housing within walking distance for an extremely large population of professional and service-oriented employees working in downtown San Antonio,” the authority said in a recent agenda.

[ For more info, download the San Antonio Housing Facility Corporation meeting agenda (pages 115-134) dated July 18 from SAHA’s public meetings page. ]

The $62 million tower will consist of 17 stories of apartments on top of a seven-story, 290-space parking garage. The apartments will have private balconies and island kitchens.

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JMJ is still proceeding with the development of a 24-story riverfront tower, consisting of 226 market-rate units, across the street, which it’s calling Villita Tower. SAHA is not involved in this project, Barton said.
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