Quote:
Originally Posted by babysal
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.
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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).