South Side neighbors oppose Austin developer’s apartment plans


A developer in the Austin area wants to build apartments near Mission Espada and Mission San Juan on the South Side. But the residents do not want the project.

Sabot Development is looking to purchase approximately 20 acres in the 9400 block of the 410 Southeast Loop for a garden style resort. The acquisition is conditional on the property being rezoned, buyer and seller representatives told the city’s planning commission in meetings this month.

The buildings would be three or four stories high and Sabot wants to rent the apartments for more than $ 2 a square foot, said David Abrahams, a real estate agent representing the company. There are also trails around an acequia.

It is not known how many apartments the project would include.

“We haven’t come up with a project plan / number of units yet, as we’re still waiting for site constraints to be clarified,” Jim Young, who manages Sabot, said in an email. “Having said that, we would develop something beautiful and appropriate for the site’s location alongside the aequia and the views.”

The Villa Coronado neighborhood association opposes the development, which is said to be next to a church and single-family homes. The property was designated low density in the city’s land use plan and is expected to remain so, and infrastructure to support the project is lacking, said Olga Martinez, the association’s president.

“This area is precious to us,” she told the Planning Commission at a meeting on September 22. “We have aequia right there. We have Espada across the highway. We have San Juan behind us. We have to preserve that. “

“We are against it,” Martinez added. “It should take longer. It’s huge.”

At a meeting on September 8, a representative of the neighborhood association and a local resident also said that they did not have much information about Sabot’s plans and that they were concerned about traffic. and the safety of schoolchildren in the region.

The owner of the property is a South Side resident and retired insurance seller who has owned several properties in the area, said Jose Gallegos, who represents him. Gallegos said he had contacted the neighborhood association and asked to attend their meetings.

Planning and zoning commissions make recommendations to city council, which has the final say on land use and zoning changes.

The Planning Commission approved a continuation at the September 8 meeting to allow more time for communication between the owner, the developer and the residents. At the next meeting, they recommended that council approve the land use change to high density residential.

Connie Gonzalez, a board member for the Planning Commission and director of strategy and community relations at Brooks, noted the site’s proximity to Brooks and Texas A&M University-San Antonio. Both are considered regional centers of growth under the city’s land use plan.

“We need housing,” Gonzalez said. “We need a variety of housing.

The Zoning Commission is due to hear a rezoning application in early October. The recommendations of the commissions would then be put to the vote of the City Council.

The project would be Sabot Development’s second in San Antonio. The company plans to build a mixed-use development across the San Antonio River from the Pearl on much of a block bounded by Euclid, Myrtle, Elmira and Locust streets. Plans call for more than 200 residential, parking and retail units.

Another Rim transaction

A Denver company bought a luxury apartment complex at The Rim Mall near the thriving intersection of Loop 1604 and Interstate 10.

An entity related to Treeline Multifamily Partners Ltd. in early September purchased the 308 Axis units at the Rim complex at 18102 Talavera Ridge from Chicago-based Sherman Residential, according to the deeds.

The purchase price was not clear from the documents, but the Bexar Appraisal District valued the apartments at $ 47 million this year. Treeline did not respond to requests for additional information.

Sherman Residential typically owns apartments for three to five years and had purchased Axis at the Rim in 2017, Senior Vice President Scott Gould said. The company has three complexes in San Antonio and one in New Braunfels.

“We are looking to continue to make more acquisitions,” Gould said. “We believe the market is growing dramatically right now – San Antonio as a whole, the economy – and we love the long-term prospects of owning and investing in San Antonio.”

The sale is the latest of several transactions at or near The Rim.

The Big V Property Group, based in Charlotte, North Carolina, bought much of the popular mall last spring from a Hines subsidiary for nearly $ 220 million. The acquisition included more than one million square feet of food and beverage space. Some stores are owned by the companies that occupy them, like Target and Lowe’s, and were not part of the deal.

Aldon, a Washington, DC-area firm, bought the 310-unit Infinity in Rim Apartments next to Axis this summer for $ 73 million. Amazon also recently purchased nearly 70 acres off the 1604 Loop and Lou Mell Drive.

Across from The Rim, more apartments are expected to be built in the upscale community of Eilan. Criterion Development Partners plans to start building a 293-unit complex in January on about 8 acres that the Dallas-based company bought last year.

Source link


Leave A Reply