Here’s a report on a new apartment project being built on Broadway and E. Grayson across from the Pearl. Work is well under way at this point. Also cool that my friend, Patrick Shearer, had a quote in the article.
A new luxury development near the Pearl
By Valentino Lucio, San Antonio Express-News, Friday, December 2, 2011
A new development that offers luxury living is moving into an area along Broadway that has seen a boom in residential construction.
Work already has started on the 1800 Broadway, a multifamily project that will become part of the redevelopment and urbanization efforts along the northern stretch of the River Walk.
The 1800 Broadway will be comprised of 230-unit luxury apartment homes located just north of downtown near the Pearl Brewery. The project is expected to be completed in March 2013. ILLUSTRATION COURTESY OF CRITERION DEVELOPMENT PARTNERS Photo: CRITERION DEVELOPMENT PARTNERS, COURTESY ILLUSTRATION
Situated at the corner of Broadway and East Grayson Street, the four-story complex, which boasts a modernized art deco design, will offer 230 luxury apartments, said W. Pretlow Riddick, principal and president of Criterion Development Partners, one of the firms developing the project.
The project is expected to be completed by summer 2013, and Riddick anticipates pre-leasing will start by mid-2012.
There will be one- and two-bedroom apartments, townhome units and live/work spaces. The one-bedroom units will range in size from about 550 square feet to 950 square feet. The two-bedroom apartments and townhomes will range from about 1,050 square feet to 2,200 square feet, and the live/work spaces will be about 1,000 square feet each.
Rents haven’t been finalized, but Riddick said they could range from about $850 to $2,000 a month.
Residents will have a choice between 12 different floor plans. Units will have carpet, polished concrete and wood floors, 10-foot ceilings, granite countertops, built-in pantries, stainless steel appliances, and walk-in closets.
To put an emphasis on luxury, the development’s amenities will include multiple indoor and outdoor community spaces, which will include three landscaped courtyards, pool, fireplace, kitchens, flat screen TVs, a fitness center, and two separate entertainment areas.
Also, there will be a four-story parking garage that will give residents direct access to their floors.
“San Antonio is a growing city, and we feel that there’s a need for luxury rental housing,” said Riddick, an Alamo Heights High School graduate. “We’re targeting a very sophisticated customer, and we think these are the types of amenities they enjoy and the types of homes they want to see. It’s becoming an exciting and vibrant neighborhood, so we think it’s a great for young professionals.”
The property, which is divided into five parcels on about 3.2 acres, is assessed at about $2.1 million, according to the Bexar Appraisal District.
The project also received incentives from the city and county, including an $800,000 grant and tax abatements over the next decade that could total about $2 million.
With offices in Dallas and Bedford, Mass., Criterion is working with Regent Communities Inc. to develop the property.
This is the first project that Criterion has tackled in San Antonio, but the firm already is looking to do more urban development in town, Riddick said.
In the past year, that stretch of Broadway has become a hotbed for residential construction.
Residential developments on Broadway Photo: Mike Fisher / SA Express-News
At the Pearl Brewery, work has started on the Can Plant and Pearl Parkway projects, which are expected to bring the total number of residential units there to about 300.
Across from the 1800 Broadway, the Mosaic is another mixed-use development under construction. It’s expected to bring 120-residential units online by the end of next year.
In August, residents started moving into the 1221 Broadway, which will have 300 residential units upon completion next year.
Add to that the apartments expected at 1800 Broadway and the total number residential units in that area could reach about 1,000.
“People talk about areas where you can live, work and play,” said Patrick Shearer, principal with Peloton Commercial Real Estate. “In most places that idea is just talk. But that area will see large-scale residential available, significant work and office space and world-class recreation opportunities. There, it’s more than just a tagline.”