The recently cleared plot of land at the intersection of West Guenther and South Flores will soon feature an apartment development, The Viceroy. I drive by this intersection almost daily as my office is located just a few blocks south at the intersection of Cevallos and South Flores. I’ll enjoy watching this project go up as much as I’m enjoying watching Steel House Lofts going up now. The Viceroy, Steel House Lofts, and Cevallos Lofts will greatly increase the density in the area and bring with them new amenities for the neighborhood. The developer of The Viceroy, Landbridge Partners, recently successfully rezoned the old Lone Star Brewery. Keep your eyes on my post and I’ll update as I learn more about the plans for the brewery.
***UPDATE*** The new name for the location is The 1010. I’ve added them to my list of Places to Rent in Downtown and Southtown.
Below is the recent story run in The Express-News. The link to the story is also at the bottom of the post.
The Viceroy on the way to King William area
By Valentino Lucio Wednesday, February 22, 2012
Historically, every king needed a viceroy.
So it’s appropriate that the King William area welcomes The Viceroy, a mixed-used development in the Southtown neighborhood that broke ground on Tuesday at the corner of West Guenther and South Flores streets.
The 48,000-square-foot building will have about 5,800 square feet of commercial space on the first floor, which could be used as light office or retail space, said Sunshine Thacker, the owner of Landbridge Partners, the project’s developer.
On the top two floors, there’s room for at least 46 residential units. One- and two-bedroom apartments will range from 650 square feet to about 1,200 square feet. Rents will run about $1.40 per square foot, or anywhere from $900 per month to $1,680 per month.
The project is part of a growing residential scene that’s flourishing in and around downtown, said Debra Maltz, a broker and agent with Kuper Sotheby’s International Realty.
Nearby, the Cevallos Lofts, which recently went online, boasts about 250 units. A block away, the Steel House Lofts, a 67-unit project, is expected to be complete by the summer. Add to those projects the units at The Viceroy and the number of new residential spaces grows to more than 350 units in the immediate area.
To the north of downtown near the Pearl Brewery, residential projects there are expected to bring more than 1,000 units online by year’s end.
Despite all those units, Maltz doesn’t expect there to be a glut in the market. So far, units are being pre-leased quickly and new developments are exhibiting strong occupancy rates, Maltz explained. She expects demand for downtown rental units to remain high.
“The downtown rental market is very robust,” Maltz said. “Downtown San Antonio is rising to the occasion, and we’re on the road to a wonderful downtown.”
Inside The Viceroy, the apartments will have a high-end, contemporary feel. Each unit will have amenities such as granite countertops, modern fixtures, 7-foot tall windows, and 72-square-foot balconies.
The complex also will have a pool, fitness center, elevator and onsite storage. There will be on-premise, covered parking along with on-street parking that won’t impede traffic.
Pre-leasing could start as early as July and the project is expected to be complete by October, Thacker said. The project’s cost was not disclosed.
Currently, the space where the three-story structure will be built is a vacant 1.4-acre lot. It sits at the intersection of an old-fashioned residential neighborhood and a revitalized industrial corridor.
“The design of the project coordinates really well with the neighborhood. It’s a nice transition from what is along most of South Flores pretty industrial looking to a very historic, residential neighborhood,” Thacker said.
As the city pushes for more residential spaces in the urban core, space for development can be pricey and scarce. Many times projects are taking the place of vacant and crumbling structures. In the case of The Viceroy, it will replace an old gas station that had been left unused for a number of years.
“This is a boutique project. It’s small and trying to utilize what was a vacant, blighted piece of property. We’re really excited to be cleaning up the neighborhood,” Thacker said.
This is the firm’s first development, but Thacker said that they are in the design stages of three other projects nearby.
Link to article HERE.