[SAguy]

SA Express News- 11/27/19


DC Partners’ luxury hotel and condominium tower

Construction of The Arts Residences at the Thompson San Antonio hotel is expected to wrap up in the second quarter of 2020.

The $116 million project at 123 Lexington includes 59 luxury condominiums and 162 premium hotel rooms along with a restaurant, spa and other amenities. Eighty-five percent of the condos have been sold.

The high-rise, developed by DC Partners, received a $10 million incentive package from the city through the Center City Housing Incentive Policy, a program intended to spur downtown development. The initiative offers developers property tax rebates and construction loans, forgivable under certain conditions, to build housing downtown.

The package for DC Partners was the largest ever awarded under the policy before it was overhauled by City Council last year. Changes to the program are intended to expand the program’s reach beyond downtown and establish affordable housing requirements for developments that receive incentives.