From San Antonio Business Journal:
San Antonio has 'Mass Appeal'
San Antonio leaders believe visitors will flock to a more populated downtown
DAN R. GODDARD is a San Antonio-based freelance writer.
http://www.bizjournals.com/sanantoni....html?page=all
“We have about 1,000 new apartments being built around the Pearl Brewery and another 252 new mixed-income apartments at the Cevallos Lofts,” Houston says. “It’s important to have a good mix of units for different income levels. We want more affordable housing for people who work downtown and want to walk or ride their bike to their workplace.”
City Council has assisted in the creation of 2,463 housing units that represent a total investment of $349.8 million, Houston says. Since its adoption of the Inner City Reinvestment Infill Policy, Council has authorized $34.7 million in incentives for 11 housing developments, representing a 1-to-10 ratio of public to private investment.
For example, City Council approved a $5 million incentive package for NRP Group’s $42 million Blue Star Arts Complex development. That incentive package includes a $2.3 million tax abatement, a $750,000 property tax rebate and a $1.28 million economic development grant. That residential development is expected to be completed by fall 2014 and will add 320 new residential units to the center city landscape.
Houston says city leaders want to make it clear with these incentives that “San Antonio is serious about developing downtown housing.”
Houston adds, “We’re already No. 1 in tourism in the state, but having a more livable downtown should make us even more appealing to visitors and make them want to stay longer.” San Antonio’s planners looked at what other cities are spending as part of Castro’s SA 2020 initiative. For example, since the 1970s San Diego has leveraged $1.5 billion in public investments into $12.8 billion in private development, transforming its downtown.
Cincinnati has invested $319 million into key downtown neighborhoods during the past seven years, while St. Louis has generated $4.5 billion in private investments.