Posted Jul 9, 2021, 4:10 AM
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James
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Join Date: May 2004
Location: San Antonio, Tx
Posts: 2,502
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Essex Modern City secures $3.5M loan for development efforts
Quote:
Essex Modern City, a long-proposed mixed-use development on the East Side near downtown, is one step closer to seeing construction on site.
Kennedy Funding, a direct private lender based in Englewood Cliffs, New Jersey, said Thursday in a news release that it closed a $3.5 million loan to Essex Modern City LLC, an entity tied to development group Harris Bay.
The development team will use the loan proceeds to cash out the current loan, advance the planning and engineering stage of the site and complete quiet zone construction in partnership with the city of San Antonio and the Union Pacific Railroad Co., according to the lender.
Plans for the proposed 8-acre site at 51 Essex St. call for 80,000 square feet of retail space, 80,000 square feet of commercial office space and approximately 800 residential units of varying sizes, including parking spaces and an open park area, according to the release.
Developer Jake Harris did not respond to multiple requests for comment Thursday.
Kennedy Funding CEO Kevin Wolfer said in the release that the entitlement process is in its final phases and that the developers are working on completing a map of the development.
"All Essex Modern City needed was the funding — everything else was in place," Wolfer said. "Seeing a clear plan for the site and the city's support, we were able to quickly process and approve their loan application."
City officials did not respond to inquiries regarding the status of the quiet zone designation, which the developers have sought since 2017 to prevent passing trains from sounding their horns at the nearby crossing.
That designation requires certain safety improvements such as crossing closures, one-way conversions, quad gates, medians, signs and pavement markings, according to the city's website.
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