SAN ANTONIO | Mira | 130 FEET | 11 FLOORS | Site Prep

[AwesomeSAView]

Originally Posted by jaga185

I was driving by and saw the crane is up! It was dark so I couldn't get a pic. But the crane is up, peeps!

Oops! I believe this is the crane for the seven story apartment building across the river from the Pearl by Silver Ventures.

[Keep-SA-Lame]

https://www.bizjournals.com/sananton...-for-sale.html

Land intended for a 10-story, mixed-use development steps away from the Pearl has been put up for sale by its original developer. The 1.55-acre parcel of land at 1216 East Elmira Ave. — owned by Austin-based Sabot Development — was put on the market by JLL this week, according to marketing materials

The Mira project — announced in 2021 by Sabot Development — is outlined for 299 apartment units, 11,660 square feet of retail and 426 parking spaces. According to the marketing materials, the land is fully entitled to deliver a project to those specifications.

Sabot officially acquired the land in 2020, with Bexar County records showing a $6.5 million loan from Guaranty Bank & Trust tied to the move. Final design approval was given to the project by the Historic Design and Review Commission in 2021, with construction planned to start in January 2022. Demolition on the existing building on the site was done soon afterward.

Leading the sale is Robert Arzola and Joe Dowdle, both senior directors of capital markets at the brokerage. In an interview with the Business Journal, the brokers indicated that Sabot Managing Director Jim Young had received a lot of interest in acquiring the site or partnering with him on the land before it officially went up for sale.

"Given just how awesome the project is and how great the location is, I think there's a lot of other people that want to develop this project," Dowdle said. "So, we're going to go try to get one of them."

Dowdle added that Young would be open to having some level of involvement in the project moving forward.

"He's open to a lot of different ideas on deal structure," he said.

Arzola said that it's a rare chance to take part in an ecosystem swept up by the area's decades-long transformation.

"The site presents a once-in-a-lifetime opportunity for a developer to make a positive impact on our city," he said.

In January 2023, Sabot purchased a plot of land not too far away at 1316 Austin St., across Broadway from the Pearl area in the fast-growing Government Hill neighborhood, taking out a loan of about $852,000 from Hornet Capital to help finance the deal.

Young did not return requests for comment by publication time.
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[theOGalexd]

Originally Posted by Keep-SA-Lame

https://www.bizjournals.com/sananton...-for-sale.html

Damn thats a bummer. These developers here are flipping lots like baseball cards lol. Who knows though, maybe something taller or with a cooler design will get built there.

[Rynetwo]

The credit market is tightening and as usual, San Antonio is peaking again at the wrong time.

[theOGalexd]

Originally Posted by Rynetwo

The credit market is tightening and as usual, San Antonio is peaking again at the wrong time.

I was too young to know what was going on here in '08 but wasn't the Grand Hyatt U/C then? Between that, covid and the economy now... timing has been awful.

[jaga185]

Oxbow Development buys Pearl-area 'Mira' site from Austin firm

Oxbow Development Group - the development subsidiary of Silver Ventures — has expanded its footprint on the edges of the Pearl. The company recently purchased land at 1216 E. Euclid Ave. from Austin real estate firm Sabot Development, Bexar County records show.

The local developer is playing a large part in the transformation taking place around Pearl and the Tobin Hill area, with the Lewellan mixed-use project, a currently unnamed hotel project across the river from the Hotel Emma and a multifamily development on East Elmira Street. A purchase price was not disclosed. The land has an assessed value of about $1 million, according to a 2023 appraisal from the Bexar County Appraisal District.

Sabot had purchased the corner lot in 2020, announcing plans for Mira, a 10-story mixed-use tower, soon afterward. Plans called for 299 apartments, 11,660 square feet of retail space and 426 parking spaces.

The deal was brokered by JLL Managing Director of Capital Markets Robert Arzola and Senior Director Joe Dowdle. As the Business Journal previously reported, the land was put up for sale in March, advertised as fully entitled to deliver a mixed-use development to the Mira project's specifications.

At the time, Arzola said that the chance to be able to take part in the area's development was a rare opportunity.

"The site represents a once-in-a-lifetime opportunity for a developer to make a positive impact on our city," he said.

Sabot put another downtown-area property back on the market in May, listing the National Grocer Company building at 421 N. Medina St. in May.

Representatives for Oxbow and JLL were unavailable for comment by publication time.

[CWalk99]

Originally Posted by jaga185

Oxbow Development buys Pearl-area 'Mira' site from Austin firm

Whoa.. this is big - I was seriously just looking at the article the other day about Sabot selling that lot just to see if there were updates added in..
Between this, the "Coopers Row" under construction, and the 9-story "Lewellan" they proposed there's potentially going to be 800+ more units added from this developer in the next couple years.
(Not even mentioning the 8-story hotel and the restaurant project)

[Spoiler]

Silver Ventures is not hurting for money is my takeaway.

[AwesomeSAView]

Originally Posted by Spoiler

Silver Ventures is not hurting for money is my takeaway.

[SAguy]

The height has been reduced to 4-6 stories 😕

From SABJ:
Previous plans for the land included a 10-story mixed-use tower with 299 apartments. According to Oxbow's Director of Development Omar Gonzalez, the new plan is also mixed-use — but on a smaller scale, making it the designated parking structure for its hotel project at 1210 E. Elmira St. while also making it available to the public.

"It's a complete reconfiguration," he said in an interview with the Business Journal. "The only thing that would stay the same would be the retail on the ground floor and residential above it, but I think it's going to be a different scale."

[JACKinBeantown]

That means they can use cheap 3-over-1 wood frame construction instead of something sturdier such as metal or concrete.

[theOGalexd]

San Antonio is gonna look like a Texas donut version of Barcelona when it's said and done lol.

[JACKinBeantown]

Originally Posted by theOGalexd

San Antonio is gonna look like a Texas donut version of Barcelona when it's said and done lol.

I know what you mean.


https://sostenibles.org/wp-content/u...a-eixample.jpg

[Spoiler]

If only.

[theOGalexd]

Originally Posted by JACKinBeantown

I know what you mean.

Honestly as long as these projects have good street level interaction I'm cool with it, especially around the pearl... but damn does this city need height more than anything IMO.

[CWalk99]

Yeah the height reduction is a real bummer especially since this lot was already primed for something of 10+ stories, but at least this is still something mixed-use in nature. It does seem like there will be high ratio of parking spots so that may decrease the number of units a bit from the original 300