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Old Posted Jun 29, 2016, 2:56 PM
SAtown SAtown is offline
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Join Date: Jan 2016
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Quote:
Originally Posted by UrbanTrance View Post
I can't get behind the paywall, but it sounds like this is the same project.

City looking to sell downtown parcel to local developer for $50M mixed-use development

http://www.bizjournals.com/sanantoni...-to-local.html

Looking forward to seeing this project move along.
From behind the paywall

Quote:
Another one of the city's vacant buildings in downtown San Antonio is heading for a complete overhaul if plans to sell the property to a local developer are approved.

At 307 Dwyer Ave., the 0.4-acre site of the former Dwyer Avenue Center for Transitional Housing is expected to be sold to Landbridge Partners — a local development group that tried to develop on the property several years ago through a public-private partnership with the city of San Antonio that ultimately fizzled.

Now, however, it has a chance to call its own shots.

Slated to go before the City Council this Thursday, the deal includes plans to sell the property outright to Landbrige, which has plans of its own to redevelop the site into a $50 million mixed-use complex that would include the city-owned site and the neighboring Heritage Plaza property, which Landbrige owns.

Interim Director of the Center City Development and Operations Department John Jacks told me the building has been vacant since 2010 when the transitional housing operations moved to Haven for Hope's current location to the west of downtown.

"We've been looking for opportunities to redevelop that site since the building is functionally obsolete," he said. "It was specifically set up for a transitional, shelter-type use, and it's hard to use it for anything else. (Landbridge's) redevelopment project would fall in line with the goal of more inner city, core housing."

He added that the developer's plan would include a minimum of 272 market-rate multifamily units, and given the 90 days Landbridge would need to close on the property, construction could start within the next 18 months, Jacks said.

The site itself is in the middle of fast-expanding residential market, with two future multifamily complexes at Hemisfair as well as Greystar's recently completed Agave apartments. When all is said and done, the area within a one-mile radius of the Dwyer Street property — which has an appraisal value of $896,680 — will be home to more than 1,000 apartment units.
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