The first few developers seeking incentives under a recently revamped city incentive program will set aside more than half of their residential units for affordable housing, officials said Wednesday. The city has received four applications for incentives from the Center City Housing Incentive Policy (CCHIP) — which now funds downtown housing with property tax rebates, utility fee waivers and grants for infrastructure improvements — since City Council members voted to retool the program in December. The previous policy came under fire for subsidizing pricey condos in downtown San Antonio. About 50 percent of the four projects’ combined 528 multifamily housing units and townhomes would be set aside as affordable housing if the developers receive incentives. The city did not say how much in incentives each project would receive. “Each of these projects will bring much-needed affordable housing to our center city,” District 1 Councilman Roberto C. Treviño … [Read more...] about 260-plus San Antonio affordable housing units in the pipeline under revamped incentive program
A developer behind an $150 million mixed-use development proposed for south of the Alamodome is planning another East Side mixed-use project. The development proposed by California investment firm Harris Bay would include nearly 350 residential units, a microbrewery, a bar, a beer garden and hotel, according to Zoning Commission documents. Commission members unanimously approved zoning changes that would allow the project to be developed on 3.7 acres at the intersection of East César E. Chávez Boulevard and South Cherry Street, just south of the Alamodome. Harris Bay co-founder Jake Harris was not immediately available for comment. The California firm and local developer Efraim Varga are planning Essex Modern City, a $150 million mixed-use development at the intersection of Essex and Cherry streets in the Denver Heights neighborhood that will include retail, office space, apartments, condominiums, townhomes and a food hall. The Harris Bay development isn’t the only … [Read more...] about Mixed-use development with apartments, microbrewery proposed south of Alamodome
Home sales in the San Antonio area rose nearly 5 percent in 2018 as prices climbed and the housing market tightened, figures released Tuesday show. More than 32,000 homes in the region were sold last year, according to San Antonio Board of Realtors data — a 4.6 percent increase from 30,715 in 2017. The median home price jumped 5.3 percent to $225,600 last year from $214,300 in 2017. Home prices in Bexar County and surrounding counties have climbed about 25 percent in the last five years. Meanwhile, inventory of available homes was tight last year, hovering around 3.2 months and 3.6 months’ worth of inventory, a statistic that measures how long it would take home buyers to gobble up the number of houses currently on the market. Historically, six months’ worth of inventory is considered a healthy balance between buyers and sellers. “Even though prices have risen, San Antonio’s housing market continues to be among the most affordable of the large cities in … [Read more...] about San Antonio home sales climbed 5 percent in 2018
San Antonio’s office market still heavily favors the Northwest Side, figures show — but the center city is catching up. Workers, particularly millennials, increasingly want to live in an urban, walkable environment with plenty of nearby stores, restaurants and gyms. That’s forcing area employers to consider office space downtown if they want to attract top-tier talent, real estate analysts and brokers say. Those dynamics promise to bring downtown San Antonio into greater competition with the Northwest Side, historically the city’s hottest office market. A decade ago, “you would sit down with a San Antonio corporate user and say, ‘OK, what submarket do you want to be in?’” said Christi Griggs, first vice president at commercial real estate services firm CBRE. “And there was usually a very specific answer. It was, ‘I want to be Northwest where middle-income housing is. I want to be North Central where the airport is’ or … [Read more...] about Northwest Side still dominates San Antonio office market, but for how long?
Investment management firm Victory Capital Holdings Inc. will move its corporate headquarters from Cleveland to San Antonio, building off a recent acquisition of an arm of USAA and adding 50 jobs in coming years. Victory Capital will keep 300 employees from its November acquisition of USAA’s investment-management unit, move CEO David Brown and five other senior executives here and create at least 50 new jobs paying an average base salary of $96,000, according to officials with the company, city and San Antonio Economic Development Foundation (SAEDF). The headquarters is another get for the local financial services industry, where employment has grown by double digits since 2010. San Antonio and Bexar County officials have agreed to give Victory Capital $750,000 in tax incentives for the move. “We’re thrilled that they’ve chosen to relocate their headquarters in San Antonio,” City Manager Sheryl Sculley said in a phone interview. “We remain committed … [Read more...] about Ohio investment management company to move headquarters to San Antonio