Quote:
Originally Posted by KeepSanAntonioLame
They've broken ground on the Embarcadero project.  |
for the curious and/or forgetful...
Upscale condo community planned near downtown San Antonio
from:
http://www.bizjournals.com/sanantoni...ml?t=printable
A local development group has unveiled plans for a high-density, high-end residential community near the heart of the city.
Known as Embarcadero, which is Spanish for "pier," the four-story project will be located on 2.2 acres of land at North St. Mary's and Ninth streets -- just north of downtown San Antonio and along the banks of the San Antonio River.
Plans call for 24, for-sale units that will range in size from 982 to 2,600 square feet, and in price from $280,000 to $712,000, says Tim Sanford, a principal in Paradigm Hotel Group -- the developer of Embarcadero.
Sanford estimates development costs for the project will exceed $6 million.
Embarcadero is one of the first residential projects to come out of a larger, master plan for redeveloping more than 350 acres of land bordered by Interstate highways 10, 35 and 37 and Third Street -- known as River North.
Over the next several years, the goal with River North is to take what is now an often-overlooked area of the city and transform it into a bustling mix of residential, office and retail properties.
Down by the river
Paradigm plans to break ground on Embarcadero around May 1. The project would be ready for occupancy by next summer.
Of the 24 units in the development, eight residences have already been sold, says Sanford, who adds that another four are presently under contract for purchase.
"We've enjoyed a very good level of interest," he says.
About 5,000 square feet on the first floor of Embarcadero will be carved out for a Scuzzi's Italian Restaurant.
A hotel is also in the works for Paradigm's project, Sanford says. While the flag for the property is still being determined, the strategy is to bring in "an upscale limited-service concept that will complement the residences" of Embarcadero, he adds.
Sanford is one of the latest developers to carve out his niche in an emerging residential market -- namely a sector that includes not only downtown proper, but areas like River North, along the outer edges of San Antonio's central business district (CBD).
Embarcadero, Sanford believes, will stand out among this slate of new housing.
With the majority of the units being priced at under $500,000, Embarcadero is an attractive alternative to similar projects -- where it's not unheard of for units to surpass the $1 million price mark.
Size is also a matter of importance.
Says Sanford: "With 24 units, it's easy to know your neighbors."
Embarcadero's most marketable feature, however: Its location.
Notes Sanford: "We have what these other projects don't have: The San Antonio River."
Sum of the parts
Projects like Embarcadero are being fueled by potential residents looking for something more urban in nature, says Ben E. Brewer, president of Downtown Alliance San Antonio.
Last year, Brewer's organization commissioned a demand analysis to gauge the need for market-rate housing downtown -- a follow-up to a study previously completed in 2002, Brewer says.
The recent report estimated that by 2015, demand for the urban lifestyle will have fueled the need for some 1,200 condominium units in the central business district -- a number that San Antonio is "far from meeting," Brewer says.
Many of these new urban residential developments -- including River North -- are rising up on the perimeters of downtown, where land costs are lower.
Brewer's organization is working in partnership with other entities -- including the city of San Antonio and the Downtown San Antonio Community Development Corp. -- to bring the River North project to fruition.
Ultimately, River North will come together through a mix of public and private funding, Brewer adds. The latter is being spurred in large part by a tax increment reinvestment zone (TIRZ) that has been created by the city along a 195-acre stretch of the River North project.
Under a TIRZ, property taxes are locked in at a base amount for a given period of time -- in the case of River North, 25 years.
Taxes assessed on improvements above the floor amount are then set aside to help fund the cost of public improvements to the property -- helping to offset the total cost of new development.
It is projects like Embarcadero that will help spur the private investment in a long-term revitalization venture like River North, Brewer says. "People pay attention to what's going ahead of them," he adds. "(Sanford) is a perfect example of the investment being made (in River North). He sees what's coming."