SAN ANTONIO │ The Pearl | News and Development

[bosshaa5]

Originally Posted by Keep-SA-Lame

Either this is really good news or really bad news. It would be really good news if investors indeed are dying to get a piece of the Pearl, and the pace of development might quicken if there's more capital available. Or it could be really bad news if Silver Ventures has no capital to invest and there aren't any investors interested in new projects, which would bring development on their remaining land to a total halt. Though it sounds like they're also trying to raise money by selling off shares of existing buildings as well, so surely they can raise at least some capital.

Personally, I don't think it's bad news. More like the reality of the real estate game. The revenue Silver Ventures is generating from their properties is probably not coming in fast enough to fund all their upcoming projects. Makes sense as real estate investments are pretty long term.

Also, it's probably just sound business practice to get more wallets involved. More people invested in the well-being of an area.

[Keep-SA-Lame]

Yeah I agree it's most likely good news, but you never know, especially with the new CRE investment climate. But the Pearl does have a really strong brand so they'll hopefully have more investors than they know what to do with.

[CWalk99]

There appears to be no actual documents pertaining to this yet but there is a HDRC case at 1301 E. Elmira which calls for a "6-story mixed use structure". This was the old site for the 10-story Mira that got sold to Oxbow.
Should have renderings in next couple weeks

[Rynetwo]

A partnership between two out-of-town developers is moving forward on hotel plans in Government Hill....

The Business Journal reported in December that the two firms went public with the plans to place a Residence Inn by Marriott at the site last year. Up until recently, GrayStreet had owned the land and worked to have it rezoned for infill development, allowing for a hotel building taller than 35 feet....

The project appears to be part of GrayStreet and Fulcrum Development's "BESA District" plans, the new name for the anticipated Broadway East 15-acre mixed-use district....

Construction is expected to start in Q3 2024, according to Merritt's website. Omaha, Neb.-based DLR Group is leading the project's design. Concord Hospitality Group has signed on to operate the space.

https://www.bizjournals.com/sanantonio/news/2024/03/28/phoenix-merritt-government-hill.html

As for the highlighted portion, has any other proposal been put forward regarding BESA?

[aggie2008]

Originally Posted by Rynetwo

https://www.bizjournals.com/sanantonio/news/2024/03/28/phoenix-merritt-government-hill.html

As for the highlighted portion, has any other proposal been put forward regarding BESA?

The historic school building has had its windows taken out and it looks like its getting asbestos removed. Not sure what they are planning for it though.

Honestly I kind of hope the area gets sold off in parts. I REALLY disliked the plan they released.

[CWalk99]

Here are a few new renderings for the revised Mira project (under Oxbow now). It is essentially just a six-story garage wrapped in apartments in order to service the upcoming hotel (per their own description)
Linking HDRC case as well: https://sanantonio.primegov.com/Portal/viewer?id=0&type=7&uid=6e902f86-d7f4-4cfb-977a-eeff57b0d986

[JACKinBeantown]

It looks like any of 250,000 5-over-1s anywhere in the country.

[Rynetwo]

Originally Posted by JACKinBeantown

It looks like any of 250,000 5-over-1s anywhere in the country.

The initial design was not great either but the height will be missed.

[Spoiler]

Originally Posted by JACKinBeantown

It looks like any of 250,000 5-over-1s anywhere in the country.

This is their "cheap" apartment building, supposedly cheap enough for Pearl workers.

[Keep-SA-Lame]

Originally Posted by JACKinBeantown

It looks like any of 250,000 5-over-1s anywhere in the country.

Looks like there is a bit of retail for you at Elmira and Myrtle.

So it's 4 stories shorter but I think is a somewhat higher quality design overall (though the Locust Street side will be all garage, which will be ugly). It also now includes that corner parcel, which the original proposal did not.

[JACKinBeantown]

Originally Posted by Keep-SA-Lame

Looks like there is a bit of retail for you at Elmira and Myrtle.

So it's 4 stories shorter but I think is a somewhat higher quality design overall (though the Locust Street side will be all garage, which will be ugly). It also now includes that corner parcel, which the original proposal did not.

Ha! I love how I'm "that retail space guy." Thanks for pointing this out.

[Txdev]

Personally I don't have any problem with the scale. Not every block needs a 300 N Main scale building.

This is a huge improvement in density compared to the brownstone-scale residential that have been developed nearby.

In the Express it said these new projects total over $475 Million in investment. That's half a billion. Which is a lot of money, even if you're a billionaire.

If we get more of this scale in this neighborhood (like the parcels up Josephine to St Mary's) it will make for a great neighborhood.

[Spoiler]

The new middle Pearl bridge with the new south Pearl bridge behind it.



The new middle Pearl bridge with the new apartment building behind it:



The new south Pearl footbridge with view of the west bank:



The new south Pearl footbridge from the Newell Street bridge:



Buncha new-ass buildings on the west bank at Newell:

[JACKinBeantown]

Nice update.

[MolcaJete]

Don't know if this had its own thread or posted somewhere else but I don't remember seeing the initial announcement or this design anywhere. Could have missed it. It would actually have way less units than The Enclave across the street but its height would definitely tower over the small houses next to it. I'm kind of on the fence with this one. I like the grocery store inclusion although the area really needs a full grocery store. I want to say this view is looking southeast.

This link should work since it was a free preview: https://www.expressnews.com/business/rea...m_source=share-by-email&utm_medium=email

Developer presses pause on 15-story condo, grocery store project near Pearl after backlash
By Madison Iszler,
Staff writer
Jan 11, 2025

The pair of lots just north of downtown are at the center of a neighborhood in transition.

One is occupied by a moving company. The other is vacant, flanked by two homes. A new five-story apartment complex is across the street. About two blocks south, a 15-acre development with restaurants, stores and housing is slated to be built.

To the east of the lots are more single-family houses and low-slung apartment buildings. To the west are taller apartment complexes, a cluster of restaurants and bars, office towers housing the headquarters of Jefferson Bank and Credit Human. “We’re just on the border,” said Paul “Pawel” Hardej, principal at Metropolitan Development Co.

That border, a dividing line between surging growth surrounding Pearl to the west and the Government Hill neighborhood to the east, is where the Austin-based developer wants to erect a 15-story condominium building. It would include from 70 to 80 residential units, a small grocery store, co-working space and parking on the pair of lots at 1312 and 1316 Austin St., which Metropolitan Development is under contract to purchase.

When Hardej unveiled the project to neighbors last spring, he wanted to begin construction by the end of this year. But after pushback from some residents, city staff’s recommendation Metropolitan Development’s request for rezoning be rejected and concerns raised by the Air Force, the proposal is on hold for now.

The property at 1312 Austin is zoned for infill development, which is appropriate for such a project, and Metropolitan Development is seeking to rezone 1316 Austin, which is zoned for commercial use. Hardej said he wants to build the development on both lots, not try to squeeze it onto one property with the zoning that allows for it.......

[JACKinBeantown]

Concerns raised by the Air Force?!

[Spoiler]

Originally Posted by JACKinBeantown

Concerns raised by the Air Force?!

No,NIMBYs.

[JACKinBeantown]

The article mentions concerns raised by the Air Force. I gotta hear that explained.

[wwmiv]

Originally Posted by JACKinBeantown

The article mentions concerns raised by the Air Force. I gotta hear that explained.

It may have a vantage to sensitive training areas that the nearby towers lack, presenting a security concern. That nugget should have been kept out of the article, imho.

Or maybe Trump doesn’t wanna look at that ugly as sin tower when he visits. San Antonio dodged a bullet.

[theOGalexd]

The height would have been nice for the area, but idk why all the buildings here need to have a beige/weird colored facade.

At this point I'm just hoping someone brings 1603 Broadway back around lol.