San Antonio: AREA swings 163-unit complex to Hemisfair ParkSan Antonio: AREA swings 163-unit complex to Hemisfair Parkhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=115852015-12-23T06:00:00Z2015-12-23T17:00:00Z

​​SAN ANTONIO - With downtown on the precipice of a significant development boom, AREA Real Estate Founder David Adelman will soon be able to put his stamp on one project expected to push the city over the edge — Hemisfair’s first multifamily complex.

Slated for the 1.1 acres in the southwest quadrant of the 37-acre district near the recently opened Yanaguana Par​k, the 163-unit mixed-income development will include 3,200 sf of retail space, as well as a 418-space parking garage — of which, 238 spaces will be leased back to Hemisfair for public use.

The total investment is $25 million.

Construction will begin in late 2016, likely finishing by the end of 2017 or early 2018.

Plans for the development are still pending, but here is what is certain: of the 163 units, 50 percent will be set aside for workforce housing — where rents will be at 80 percent of the city’s annual median income. The other 50 percent of the units will be set aside for market-rate housing.

Adelman’s plan calls for incorporating Texas-style micro units — with the studio and one-bedroom floorplans ranging between 500 and 600 sf. Monthly rents will hover around the $1,000 a month mark.

But despite the smaller footprint, Adelman is envisioning the park and surrounding area will be the most desirable amenity for residents. With downtown San Antonio finally becoming the vibrant place he was hoping for, the likelihood of success for that idea is stronger than it’s ever been.
San Antonio Business Journal
San Antonio-New Braunfels

​​See San Antonio Multifamily Market Research​ for quarterly reports from a variety of sources.

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