Historic Pearl sets the ‘bar’ higher

SAN ANTONIO – Silver Ventures expect to raise the ceiling with the Cellars at the Pearl — a ten-story high-rise with 123 units located near the Historic Pearl.

It’s the next step in driving the city’s upscale residential market.

With most of the work of establishing an environment and attracting different types of consumers behind them, Silver Ventures will be a solo multifamily developer for the first time with The Cellars. The Can Plant, introduced in 2012, was a project by Embrey Partners Ltd.

While rents at the Can Plant are some of the highest in the city, folks looking to live at The Cellars can expect to pay even more.

Currently, a tenant living in a one-bedroom unit at the Can Plant will pay $1,600 to $2,499.

Pricing for the Cellars has yet to be confirmed, but reportedly will range from $2.50 to $3 per sf. With units averaging 2,000 sf, that would equate to prices starting at $5,000.

According to Institutional Property Advisor’s First Quarter 2015 Apartment Market Report, average rents in San Antonio are $891 a month.

But what bodes well for the area around Pearl is that it appears plenty of people are ready and willing to pay for the built-in environment it provides.

Projects such as 1800 Broadway, The Mosaic, Embrey’s Midtown at Brackenridge and River House — with more under construction — have bolstered the notion that Pearl’s bustling environment merits the high price to live there.

See Berkadia Apartment Update First Quarter 2015.

Click San Antonio NewsTalk, San Antonio Market Research for timely data.

See Development near San Antonio’s Pearl? Location, location