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enior Vice President & Director of Research at REOC San Antonio

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City considers permanently closing roads for Pearl development

Developers proposing to permanently close roads in Pearl area.

Developers proposing to permanently close roads in Pearl area.

Pearl developer Silver Ventures is asking the city to permanently close two streets on the Museum Reach across from Hotel Emma to make way for a new development. City Council will vote in August on whether to close Schiller Street and part of East Quincy Street and sell the land to Broadway SA Investors GP, a landholder for Silver Ventures, which developed the Pearl complex.

If the roads are closed, Silver Ventures will control about five acres of contiguous land bounded by the Museum Reach trail, Newell Avenue, East Park Avenue, East Elmira Street and East Myrtle Street, according to the Bexar Appraisal District. The developer assembled the properties between March 2008 and September 2014. The land is across the San Antonio River from the Hotel Emma and Cellars at Pearl, an apartment tower that is under construction.

Silver Ventures spokeswoman Elizabeth Fauerso said the developer doesn’t have specific plans for the land but that it is likely a development there would be mixed-use, like the firm’s other projects. “This is just an anticipation of some future development that has not been planned yet,” she said. “Our M.O. is usually mixed-use.”

Click here to read the full article: City considers permanently closing roads for Pearl development MySA 6-29-2016

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