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Old Posted Sep 28, 2012, 1:47 PM
SAguy SAguy is offline
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New Residential Projects New Downtown

From San Antonio Business Journal:

The city’s efforts to encourage more residential options in the urban core is once again bearing fruit — this time, several times over.

Houston-based Terramark Urban Homes has announced several new residential projects — all of them near downtown. All of the neighborhoods will feature a series of detached townhome units — each available for sale.

The first one to make its debut will be Ogden Modern, which will be located on 0.38 acres of land at Ogden and Myrtle Street, near San Antonio College, just north of downtown San Antonio.

Plans call for a total of 11 townhomes, ranging in size from 1,025 to 1,218 square feet, and in price from the $160,000s to the $180,000s, according to Charles H. Turner, CEO of Terramark.

The goal is to start construction in mid-October, says Turner. The first homes will make their debut in early 2013.

Ogden Modern, however, is only one of five communities currently in the works by Terramark in the downtown area. The firm has several sites under contract for new projects — including land near Pearl and a site near Alamo Beer Co.’s planned brewery on the city’s East Side.

All told, over the next 24 months, Terramark looks to have 100 townhomes either under construction or sold.

Development costs for the projects were not disclosed.

Terramark’s planned communities are representative of the investment that the city of San Antonio has made to bring more residents to the urban core, Turner says.

“The city has invested a lot in the infrastructure around downtown,” he adds.

To date, however, much of what is under construction or on the ground in and around the center city is apartment complexes.

There is a niche to be filled for the for-sale, urban product, says Turner, who also points out that Terramark’s projects will be hitting a price point that is underserved. The bulk of the townhomes will be priced under $200,000.

“We think there is a (segment) of the market that isn’t being addressed,” says Turner, adding that Terramark’s homes “hit a nice, sweet spot in the market.”

Key to meeting that price point are the fee waivers that Terramark has been granted by the city — which will result in a savings of probably between $5,000 to $8,000 per unit, per townhome, he says.

“That is why we are able to provide these homes,” he adds.

By the numbers

Ogden Modern will be located in the Tobin Hill District — which is the same neighborhood where Terramark plans to develop a second townhome project.

Turner says his firm has 0.4 acres of land under contract at Laurel and Lewis Street for a community called CityView Modern.

Construction is set to get under way in early 2013, Turner says.

CityView Modern will feature 12, three-story townhomes that will be priced from the low $200,000s, and will offer a view of the city’s skyline, Turner says.

CityView is one of three projects aimed at meeting a higher end of the urban market.

Also in the works by Terramark — Clay Street Modern, which will include townhomes priced from the $170,000s to the low $200,000s; and Westfort Villas, where homes will start in the $200,000s.

Clay Street will be developed on 0.7 acres along Cevallos Street, in the Southtown Arts District.

Westfort Villas will be located on a 1.5-acre tract on Broadway, near the Pearl Brewery redevelopment.

Construction on Clay Street and Westfort Villas is set to begin during the first quarter of 2013.

Later in 2013, Terramark plans to turn dirt on Cherry Street Modern, which will be developed on 0.5 acres of land at Cherry Street and Burnett, near the Alamo Brewery on the city’s East Side.

The homes will be priced from the $150,000s to the mid $160,000s.

With these five communities, Terramark will be able to target different sites in the inner city at a range of price points.

“We are testing different (buyers) in the marketplace”, says Turner. “We look at every site differently.”

Lori Campos of Keller Williams Realty Heritage is the sales agent on Terramark’s local projects.

On demand

Terramark is a relatively new player in the local market. It made its debut in 2011 with its first townhome project, Cevallos Modern, which is located at 228 E. Cevallos St., in Southtown. That property featured four townhomes — all of which were spoken for by the time they entered the market in mid-2011.

Prior to entering the Alamo City, Terramark had already spent many years building townhomes in downtown Houston.

“He’s been successful in Houston,” says Ben Brewer, president of Downtown Alliance San Antonio, who adds that the sites that Terramark has chosen here are prime locations and will create the density that the city has been looking for in the downtown area.

“That is definitely something we are desirous of — (projects that) create a little bit greater density in the neighborhoods surrounding downtown,” Brewer says.

Terramark’s project also addresses the demand for a for-sale product, Brewer says: “It’s what a lot of folks are asking for.”

Given the positive early reception for Ogden Modern, it appears Terramark is indeed hitting a sweet spot in the urban housing sector.

The original plan was for Terramark to develop six of the 11 townhomes in Ogden Modern on a speculative basis. Four of those homes, says Turner, are now under contract.

He expects that all six could be under contract “just shortly after we break ground.”

So instead of rolling out Ogden Modern in two phases, Terramark is building out the entire project all at once.

It is likely, says Turner, that all 11 townhomes will be spoken for by the time the first homes debut in early 2013.

There is a group of people who “are done with the suburban lifestyle,” Brewer says.

And many of those who are eager to leave the suburbs prefer to own, rather than rent, says Frank Pakuszewski, founder of 1836 Asset Development LLC.

Pakuszewski is partnering with Steve Yndo, founder of Yndo Commercial Real Estate Co., on East Quincy Townhomes on the River.

That project will bring 25 three-story townhomes, for sale, to Quincy Street and Newell Avenue — directly across from the Pearl Brewery development, along the prime Museum Reach portion of the San Antonio River.

“It’s about owning a piece of the community, one person at a time,” Pakuszewski adds.

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Old Posted Sep 28, 2012, 6:35 PM
kornbread kornbread is offline
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Those are pretty cheap. I wonder if they will be similar to the ones near blue star. No brick exteriors.

They are targeting that demographic that is between renting and owning downtown. No reason to rent now, unless you want a test drive of downtown living before planting down some roots. An interesting development for sure.
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Old Posted Sep 30, 2012, 3:14 AM
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KevinFromTexas KevinFromTexas is offline
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You need to include the article author's name, a link to the article and not post the whole article. We're only supposed to be posting maybe a paragraph of an article, not the whole article.
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