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Kim_Gatley
Kim Gatley
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enior Vice President & Director of Research at REOC San Antonio

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AREA Real Estate chosen for Hemisfair’s first multifamily development

HemisfairAREA Real Estate has been chosen to develop Hemisfair’s first multifamily complex, solidifying the local firm’s standing at the forefront of San Antonio’s urban revitalization.

The park’s first public-private partnership is slated for the 1.1 acres in the southwest quadrant of the 37-acre district near the recently opened Yanaguana Park. The mixed-income complex will include 163-units and a 418-space parking garage that will lease 238 spaces back to Hemisfair for public use.

The development, which will also include 3,200 square feet of retail space, will be a $25 million investment. Construction for the apartment building is expect to begin in 2016, with units available for leasing by 2017.

Lake Flato and WGW Architects will lead the design for the complex.

The deal, which has been approved by the Hemisfair Park Area Redevelopment Corp.’s board of directors, is still considered pending. It will go before the San Antonio City Council next week.

Once completed, AREA will manage the maintenance and administration of the development, including apartment leasing.

Of the 163 units in the AREA-developed property, 50 percent will be available to residents who comply with Hemisfair’s policy on workforce housing, which will adjust rents to 80 percent of the city’s annual median income. The policy requires that 10 percent of the units within it’s district comply with the standards to provide more affordable urban housing.

Click to read entire article: AREA Real Estate chosen for Hemisfair’s first multifamily development (San Antonio Business Journal, 12-11-15)

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