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Old Posted Mar 7, 2019, 2:30 PM
Txdev Txdev is offline
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Join Date: Jun 2018
Posts: 122
Quote:
Originally Posted by Fryguy View Post
Does it say when they will start construction?
No, it doesn’t say.



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Dallas-based JMJ Development received conceptual approval Wednesday [Jan 16 2019] from the Historic and Design Review Commission for its planned 290-foot Villita Tower, bringing downtown a step closer to gaining the new 24-story apartment building.

The mixed-use tower's design features 226 apartments, with retail and restaurant space on Villita Street and along the neighboring River Walk. The tower portion of the project will be on a 0.35-acre plot at 112 Villita St. The plan includes tearing down the neighboring single-story building at 126 Villita St., which houses a few law firms, to make way for a five-story parking deck for residents. The project was designed by Dallas-based FAB Studio in collaboration with San Antonio-based B&A Architects and Rialto Studio.

JMJ Development has been in the public eye since at least February 2016, when it was reported that the developer wanted to put a 30-story tower on the same site. The company announced the redesigned tower in July 2018.

During its initial conception, the tower was planned with rent of $2.40 per square foot, making it one of the most expensive in downtown. While a revised price per square foot has not been announced for the new tower, the development team told the HDRC Wednesday that it is exploring an affordable option to qualify for the city's Center City Housing Incentive Policy, or CCHIP.

Reinstated in December, the program was implemented to incentivize developers to add affordable housing units to their downtown projects, in exchange for property tax and utility savings. The city announced on Wednesday that since the program was reinstated, it had received four applications for CCHIP incentives totaling 238 proposed affordable units in downtown.

While no price tag was given for Villita Tower, a representative told the HDRC it would be "enormous."

While JMJ is moving ahead with one San Antonio project, it is unclear whether progress has been made on another.

In July, the developer announced that it was planning to build a 14-story hotel on top of the Joske's building at the Shops at Rivercenter. While it was initially reported that the hotel would be branded as a Hard Rock Hotel, JMJ later said it had not signed any branding agreement with Hard Rock.
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