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

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Pearl-like Development Planned for Eastside

Eastside developmentCity Council approved zoning changes that will allow local developer Efraim Varga and investment partners to construct a multi-block, mixed-use complex in the Eastside’s Denver Heights. A $43.5 million improvements package was approved in January 2015 that is slated to improve connectivity to the Henry B. Gonzalez Convention Center expansion and Hemisfair Park.

The neighborhood, plagued with crime and vagrancy, stands to undergo a revitalization similar to that which the Pearl brought to the crumbling brewery complex just north of downtown.

Specific plans for the site, currently an industrial park, are still in early stages, Varga said. The development itself is pending the closing date on his purchase of the 7.7-acre property in early May.

While the project will surely have a residential component, preliminary ideas for the commercial aspects include a wide range of uses including a microbrewery, hotel, office space, restaurant, and retail.

“We (have) the zoning for the maximum available that we could do,” he said. The new zoning would allow up to 100 residential units per acre and diverse commercial use.

Once the property is purchased, Varga estimates that the design phase will take until the end of 2016. If all goes as planned, the first of three phases would break ground in the first quarter of 2017.

Click to read the full article: Pearl-like Development Planned for Eastside (The Rivard Report, 4-9-2016)


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