SAN ANTONIO | Urban Core Development Thread

[Onward]

Nice shot Raul, really like how it's shaping up. Gives the building some life and goes very well with the Mural. More color downtown is something I hope we see more of.

[sirkingwilliam]

Originally Posted by Keep-SA-Lame

Anyone know what's going up near East Commerce and Hackberry? There appears to be a three story steel frame structure under construction.

[Restless 1]

Originally Posted by Texan101

Nice shot Raul, really like how it's shaping up. Gives the building some life and goes very well with the Mural. More color downtown is something I hope we see more of.

I can't wait to see it lit up at night.

[Fireoutofclay]

Hi guys. Can anyone tell me what is going on with the building at 419 S. St. Mary's? It had some scaffolding going over it a while back, but I noticed a few days ago that the whole building was covered in scaffolding. There is a parking garage at that location. Just curious. Not much goes on in that area. Thanks.

Google maps: https://goo.gl/maps/lfvVG

[kornbread]

Originally Posted by Texan101

Nice shot Raul, really like how it's shaping up. Gives the building some life and goes very well with the Mural. More color downtown is something I hope we see more of.

I've always been one for expanding the color palette with the downtown buildings. When I first saw the renderings for this upgrade, it looked like decorating. I know they are trying to make it an inviting place for children that need care, so it can be a little playful. I would like to see this in person, but from this shot it looks like clothes are hanging out to dry.

[AwesomeSAView]

Originally Posted by kornbread

I've always been one for expanding the color palette with the downtown buildings. When I first saw the renderings for this upgrade, it looked like decorating. I know they are trying to make it an inviting place for children that need care, so it can be a little playful. I would like to see this in person, but from this shot it looks like clothes are hanging out to dry.

Interesting viewpoint. I've just never seen a highrise with a whole bunch of clothes drying out at the same time. Hmmm.
IMO, I think the developers got it right! It's going to look unique and awesome! Nice job.

[ryan5021]

This is good news... Over the weekend 5 condos were sold at Alteza around $3 million in sales. Things are really starting to heat up downtown it sounds like.

[The Model]

Before and After Hilton Construction.

[sirkingwilliam]

Originally Posted by ryan5021

This is good news... Over the weekend 5 condos were sold at Alteza around $3 million in sales. Things are really starting to heat up downtown it sounds like.

[GoldenBoot]

Originally Posted by ryan5021

This is good news... Over the weekend 5 condos were sold at Alteza around $3 million in sales.

Were these all original sales or resales?

As I have not followed this project very closely, how many unsold units still remain out of the original 147?

[Restless 1]

Originally Posted by ryan5021

This is good news... Over the weekend 5 condos were sold at Alteza around $3 million in sales. Things are really starting to heat up downtown it sounds like.

http://thealteza.com/wow-what-a-weekend/

"The whirlwind of sales activity came fresh on the heels of an sixth sale last week to a local physician."

"The sales team is expecting the momentum to continue with several new buyers closing in on a decision."

Good news indeed.

[KevinFromTexas]

Jeff Anastasio - KENS 5 - https://www.facebook.com/kens5/photo...type=1&theater

[Jram]

I feel like most of the future high rises that will eventually pop up in the skyline should be around where the other conglomerate of buildings exist already, like around the Weston centre, the Bank of America building, and the USAA building, just because that's where most of the other real business district buidings are.

[Keep-SA-Lame]

Originally Posted by Jram

I feel like most of the future high rises that will eventually pop up in the skyline should be around where the other conglomerate of buildings exist already, like around the Weston centre, the Bank of America building, and the USAA building, just because that's where most of the other real business district buidings are.

I would disagree. Virtually all the construction we've seen in the past ten years (with the exception of hotels like Embassy Suites and a handful of smallish refurbishments like the Kress building) has been on the periphery of downtown because downtown land is too expensive for things other than hotels. Frost is coming, this is true, and perhaps a handful of small highrises related to that project, but that's because Frost has owned land in the core for many decades and was able to cash in on that to swap for city owned parcels, so they're not really incurring the full cost of downtown land. Another developer without that advantage would likely find land on the market too expensive for local-oriented uses (though we'll see about that group of parcels near the WOAI station for sale, maybe a large developer could see some potential for profit there if the price is right).

[Jram]

This is true. But man I just think we have one of the poorest looking skylines not only in Texas but in the US. Hopefully Frost sticks with a much larger plan when developing the future tower and bring a few more not as tall I guess highrises to really add our downtown some infill. I'm a Real downtown resident not just a pass by haha!

[arkitekte]

Originally Posted by Keep-SA-Lame

I would disagree. Virtually all the construction we've seen in the past ten years (with the exception of hotels like Embassy Suites and a handful of smallish refurbishments like the Kress building) has been on the periphery of downtown because downtown land is too expensive for things other than hotels. Frost is coming, this is true, and perhaps a handful of small highrises related to that project, but that's because Frost has owned land in the core for many decades and was able to cash in on that to swap for city owned parcels, so they're not really incurring the full cost of downtown land. Another developer without that advantage would likely find land on the market too expensive for local-oriented uses (though we'll see about that group of parcels near the WOAI station for sale, maybe a large developer could see some potential for profit there if the price is right).

That's true to an extent, but there's not a need for anything downtown in the form of a high rise that's not a hotel.

Developers don't care about upfront costs when they know they'll make that money back, especially when they have multiple projects going at one time. Their problem with downtown now is that they know they won't make that money back within a reasonable time frame.

[Keep-SA-Lame]

Originally Posted by arkitekte

That's true to an extent, but there's not a need for anything downtown in the form of a high rise that's not a hotel.

Developers don't care about upfront costs when they know they'll make that money back, especially when they have multiple projects going at one time. Their problem with downtown now is that they know they won't make that money back within a reasonable time frame.

That's what I was trying to get at, more or less.

[ILUVSAT]

Originally Posted by arkitekte

That's true to an extent, but there's not a need for anything downtown in the form of a high rise that's not a hotel...

Exactly. At this time, there is not much of a market for anything else.

We don't exactly have a "vibrant" hotel market at the moment. Metro room occupancy for 2014 was roughly 65% - just slightly below the statewide average of ~66% (Austin was ~74% and Houston was ~69% by comparison). Plus, statewide revenue growth stood at 9.7% on average for CY2014, we saw growth of 6% during that same period.

Additionally office ended 2014 with a ~23% overall vacancy rate in our CBD. Again, not great. And not very conducive to new, large developments. Again, by comparison CBD Dallas was at 22%, Ft. Worth was at 11%, Austin was at 7%, and Houston was at 10%.

I think we're are still a few years off when it comes to both high-rise residential or high-rise spec office developments. If demand was there for large-scale developments (hotel, office and/or residential) we'd already see cranes all over downtown.

Patients, my friends. Our day will come.

[wwmiv]

Originally Posted by ILUVSAT

Exactly. At this time, there is not much of a market for anything else.

We don't exactly have a "vibrant" hotel market at the moment. Metro room occupancy for 2014 was roughly 65% - just slightly below the statewide average of ~66% (Austin was ~74% and Houston was ~69% by comparison). Plus, statewide revenue growth stood at 9.7% on average for CY2014, we saw growth of 6% during that same period.

Additionally office ended 2014 with a ~23% overall vacancy rate in our CBD. Again, not great. And not very conducive to new, large developments. Again, by comparison CBD Dallas was at 22%, Ft. Worth was at 11%, Austin was at 7%, and Houston was at 10%.

I think we're are still a few years off when it comes to both high-rise residential or high-rise spec office developments. If demand was there for large-scale developments (hotel, office and/or residential) we'd already see cranes all over downtown.

Patients, my friends. Our day will come.

We really need some significant population growth for that to happen. Unfortunately, S.A. just hasn't had the same boom as other Texas cities, but I do think that San Antonio has some great potential for that going forward. What we (I say that as a long time former resident of San Antonio, one of my favorite cities in the entire country) really need is for UTSA to become a substantially better research institution and gain some national recognition. Educational institutions that are first rate always engender greater growth.

[sirkingwilliam]

Originally Posted by wwmiv

We really need some significant population growth for that to happen. Unfortunately, S.A. just hasn't had the same boom as other Texas cities, but I do think that San Antonio has some great potential for that going forward. What we (I say that as a long time former resident of San Antonio, one of my favorite cities in the entire country) really need is for UTSA to become a substantially better research institution and gain some national recognition. Educational institutions that are first rate always engender greater growth.

Not sure what exactly you mean by this but in every facet you'd be wrong.