Designs final for Lone Star, groundbreaking set for mid-2017
SAN ANTONIO – CBL & Associates Properties, Inc. and Aqualand Development have finalized the schematic design for the 32-acre Lone Star development.
The development will include entertainment space, restaurants, a food hall, three separate multifamily properties, a hotel, office space, parking, and retail space all surrounding a variety of outdoor areas.
The first 2.5-acre multifamily component, situated at the northeast end of the site along Lone Star Blvd., is under contract with a local developer. The sale is expected to close within the next few days, and will ultimately result in the first 250 market-rate units for the redevelopment.
Peloton Commercial Real Estate was brought on earlier this year to lease the 115,000 sf of office space.
The partnership is aiming for a summer 2017 groundbreaking on the mixed-use development, which has the potential of carrying a $300 million price tag.
After a variety of parcels are sold to other interests, CBL’s investment in the property will be roughly $150 million.
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