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Old Posted Oct 14, 2017, 1:19 AM
ILUVSAT's Avatar
ILUVSAT ILUVSAT is offline
May the Schwartz be w/ U!
 
Join Date: Sep 2013
Location: S.A. | Nashville
Posts: 834
Quote:
Originally Posted by babysal View Post
San Antonio Express News
By Richard Webner
October 8, 2017

The Arts residences

What is it: A $116 million high-rise with 167 premium hotel rooms and 58 condominiums.

Original plans: When the project was announced in 2016, its leaders said they expected to complete it by 2019.

Current status: The project will break ground in the fourth quarter of this year and is still set to be finished in 2019, said Lesley Hile Ford, a spokeswoman for development firm DC Partners, in an email.

The firm has brought on Jordan Foster Construction as a general contractor, and 35 percent of the tower’s condominiums already have been sold, Ford said. DC Partners is considering adding another floor due to increased demand, she said.
So, it's gone from 66 units to 58...but, they are "considering" adding another floor due to demand? Hmmmm.

Plus, the tower is only 35% under contract. Nothing has been "sold" to this point. If there were "demand," the under contract percentage should be much higher.

Look, I want to see downtown SA succeed in growing its downtown perminant resident numbers. But, we need to be realistic. It's not quite there yet. Will it get there? I don't know.

Having said all that...demand is simple. For example: prior to construction, The Arts had reservations for 35% of its 58 units. The Independent (in Austin) had 90% of its 370 units reserved within the first week of sales - prior to dirt turning (obviously).

Right now, there is a negative stigma (fear) of living in downtown SA. If there was not, we would be seeing many more, high-rise proposals. I don't think downtown SA (overall) is appealing to the masses (especially to those which would be renting/buying units).

Heck, Lynd (of San Antonio) is fast-tracking what may end up being the tallest, mixed-use, residential building in Texas in Austin. In fact, it has the chance of topping 1000'. Worst case scenario, it will be a 850' tower with several hundered apartments & about 500,000SF of office space.

I'm NOT trying to provoke a inter-city fight. But, simply pointing out the obvious that most of our poster's expectations should be quelled a bit. Downtown SA is not quite poised to boom...residentially. The demographics are just not there (especially throughout thhe entire downtown area).

Last edited by ILUVSAT; Oct 14, 2017 at 1:48 AM.
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