Pearl developer expanding north with apartment and retail project across from La Gloria, Velvet Taco

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SAN ANTONIO – The Pearl developer is expanding further north with a mixed-use development along the Museum Reach section of the San Antonio River Walk.

Oxbow Development Group, formerly known as Pearl Build, will raze an industrial building at 102 E. Josephine St. and replace it with a nine-story building with 250 to 275 market-priced apartments.

It would be the fifth residential complex at or immediately adjacent to Pearl and would bring the total number of units to over 1,100.

It would include up to 20,000 square feet of commercial space and 30,000 to 40,000 square feet of office space on the ground floor as well as parking, which would be available to residents and the public.

Despite the changes wrought by the pandemic, there’s still demand for high-end office space “in areas that have a ton of vibrancy and convenience,” said Oxbow’s director of development Omar Gonzalez.

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The Oxbow, the company’s recently built office building at 1803 Broadway, is 91% leased, he said. Last year, Pearl added coworking space in the Full Goods building, which also filled up quickly.

Pearl office workers eat breakfast, lunch or drinks at businesses there, driving more traffic and sales.

“Maybe not everyone goes to the office five days a week anymore, but when they go to the office they want to be somewhere where it feels like a community,” Gonzalez said.

Oxbow Development is working with designers to determine how the Josephine Street project will connect to the San Antonio River Walk, said development manager Kristina Good.

RECENT DEVELOPMENTS

The river borders the 2.2-acre property, which Oxbow Development purchased in 2020.

A rooftop bar is also in the works. Pearl executives are trying to add more nighttime activities, including turning the Pearl Stable into a concert hall with a biergarten, Gonzalez said.

It is unclear how much the Josephine Street project would cost and what the rents would be. Construction could begin in 2024 and end in late 2026 or 2027.

“The notion of having more places to go, more things to do, and creating a bit more urban vibrancy is our future,” Gonzalez said.

“I think people maybe feel that Pearl is fully built, and he certainly has a long way to go.”

Several restaurants – Carriqui, Full Goods Diner, Ladino – have opened recently. Work on the stable, which will be renamed Stable Hall, is expected to be completed in spring 2023.

Construction is also underway on a seven-story, $80.9 million complex at 1126 E. Elmira St., which will include approximately 263 apartments, retail space and a parking garage.

The Samuels Glass Co. building at 221 Newell Ave. should be converted into a market with restaurants, offices and warehouses.

Pearl’s popularity sparked a wave of development around her.

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Just over 1,000 apartments are under construction in the area, according to real estate data firm CoStar. The market asking rent per unit per month was $1,727 at the end of the third quarter.

Additional offices are also planned. Jefferson Bank is constructing a 13-story building in the 1900 block of Broadway to house its headquarters and other tenants.

Oxbow Development is a subset of Silver Ventures, owner of Pearl, and one of three companies that forked last July.

The others are Potluck Hospitality, which focuses on dining and hospitality concepts, and Pearl Real Estate Co., which oversees Pearl parking lots, retail spaces, holiday decorations and environmental impact.

madison.iszler@express-news.net

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