I drove down Broadway this morning after having my car washed at The Wash Tub and passed by the start of construction on The Mosaic on Broadway. The Express-News wrote about the project last week. Below is their article.
I’m excited to see even more residential construction along the Broadway corridor. This site is near The Pearl and Sam’s Burger Joint. If VIA moves forward with the Mayor’s suggestion there may soon be a light rail line running from The Pearl down to HemisFair Park. All good things for San Antonio’s growing center city.
More downtown residents expected with Mosaic project
Mixed-use Mosaic will add 120 residential units to growing tally.
By Valentino Lucio
Wednesday, September 21, 2011
It’s going to become a bit easier to find an apartment near downtown in the coming year.
Next week, work will begin on the Mosaic, a mixed-use development that is expected to add to the Midtown urbanization that is occurring around the northern stretch of the San Antonio River Walk.
What is now a vacant lot near the Pearl Brewery is expected to become a four-story development that will incorporate about 11,200 square feet of retail space on the ground floor and 120 rental apartments, said George Mauzé, president of Broadway Developments, the entity that owns the property.
There hasn’t been a deal finalized for the retail space, but Mauzé is talking to a potential tenant about opening an establishment that would be a bakery, grocery, deli and wine bar. The remaining retail space would be open to a potential restaurant and two live/work spaces.
The project is expected to come online as early as December 2012.
There will be 108 one-bedroom units, six with a study, and 12 two-bedroom units that range in size from 540 square feet to 1,242 square feet. Rents will range from $850 to $2,500 a month and about a dozen units will be offered to students at a discounted rate, which will start at $646 for a smaller one-bedroom apartment.
Seven different floor plans will be offered, and residents can choose between two finishes that have different color schemes. Units will have granite countertops, large windows, energy-efficient appliances, access to a terrace, balcony or patio, and various flooring options such as polished concrete or hardwood.
Amenities include onsite parking for 205 vehicles, access to a shared-community electric car, an electric-car charger, bike rentals, fitness center, spa and outdoor pool.
Mauzé’s company owns and manages four office buildings along Broadway near Brackenridge Park.
He bought the nearly 2-acre property on Broadway between East Grayson and Josephine streets about eight years ago and has been working on the Mosaic project for more than two years.
Trying to find financing was the biggest hurdle he faced in trying to get the project off the ground, Mauzé said.
The loan for the $20 million development should close Monday, Mauzé said.
Currently the land is vacant, but the property, which is divided into two parcels, is worth about $1.2 million, according to the Bexar Appraisal District.
The project also received various incentives from the city and county. The city offered a 50 percent abatement on city taxes based on increased values for up to 15 years while the county approved a 50 percent abatement on real property taxes for 10 years.
Born and raised in San Antonio, Mauzé said that for years that section of Broadway was known to be a hot spot for car dealerships. After many dealerships closed, properties sat vacant, but Mauzé, like many developers looking to capitalize on that area, see the potential for urbanization and the establishment of an urban core.
“This is my jewel,” he said. “I’ve been saving this for last. It’s in a location that has the best potential.”
The Pearl Brewery jumpstarted much of the development around the Museum Reach of the River Walk. It currently offers rental units and live/work spaces, and work already 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.
Last month, the first residents moved into the 1221 Broadway, which sat vacant for nearly six years. That development, which is south of the Pearl, is expected to add 300 residential units upon completion next year.
Across Broadway from the Mosaic on a vacant lot, another mixed-use development is being talked about that would add 200 more residential units. Add to that the apartments expected at the Mosaic and the total number of residential spaces could exceed 1,000, or roughly 1,700 residents, within two years.
“The area is starting to get the residential density required to make it a neat place,” said Patrick Shearer, principal with Peloton Commercial Real Estate. “And we’ve seen in other cities, when you get that residential density along with office users and the retail and restaurants that follow, you begin to see a vibrant corridor.
“That middle stretch of Broadway has been ignored for a long time, but it’s definitely the right time now for new development there.”