Red Berry Estate to get $61.8 million redoRed Berry Estate to get $61.8 million redohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=180852017-10-16T05:00:00Z2017-10-16T20:00:00Z

​​SAN ANTONIO – ​​The city council has approved a $61.8 million redevelopment project on the 84-acre Red Berry Estate at 856 Gembler Rd.

The property will be redone by the San Antonio Housing Trust Public Facility Corp. in conjunction with NRP Group and Casey Development. The latter two will fund the majority of the project, footing 83 percent of the bill, or $51.3 million.​​

NRP Group will develop a 330-unit apartment complex. Half of the units will be affordable to those making less than 80 percent of the area median income. 

Casey Development will build a 169,000-sf office for RK Group, which will employ no fewer than 300 people at the facility. It will also renovate the Red Berry Mansion and improve the Salado Creek Hike and Bike Trail System. 

As part of the deal, RK Group will provide the city with 12 rent-free event days annually for community​ engagements.

The city purchased the property in June 2012 for $2.25 million.

San Antonio Business Journal
San Antonio-New Braunfels
https://www.bizjournals.com/sanantonio/news/2017/10/13/east-sides-red-berry-estate-to-be-transformed-by.htmlRead more at {Source}

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