Development Planned Near Country Singer’s Estate in San Antonio
Country Music Singer George Strait is about to get a lot of new neighbors near his estate in San Antonio, TX. The developers spent months buying out the surrounding acreage so they can build.
SAN ANTONIO (globest.com) – Baruch
Properties and Mockingbird Properties, both based in Dallas, joined forces to
develop 9,000 acres for mixed-use in the Loop 1604 and I-10 corridor of
northwest San Antonio. The acreage was amassed over the past 18 months in more
than 20 transactions, and the partnership continues purchasing acreage for their
land bank. Mitchell Vexler, president of Mockingbird, estimates nearly $260
million has been spent to date to build Baruch’s land
bank.
Of the 9,000 acres, an 800-acre
tract is nestled between La Cantera and the hillside estate of country music
star George
Strait. A lifestyle retail
developer from California is scheduled to close at the end of
January 2007 on 83 acres. The parcel comes with entitlements and water rights
for up to 1.5 million square feet of the two-story development.
Vexler, a high-end condo developer,
has kept 18 acres on a hill overlooking the proposed retail for a mixed-use
development with a density, more or less, of 12,000 square feet of ground-level
retail topped off with 45 to 52 multifamily units per acre in an urban-village
design intended for tracts of 20 acres or less. Construction is slated to begin
in the next 18 to 24 months.
I read yesterday that San Antonio is experiencing a large number of foreclosures, similar to Dallas and other Texas cities, due to increasing adjustable rate mortgages. Investors need to start being more careful about overbuilding in some of these areas. Rental investors in San Antonio have seen a steady drop in rents as well as longer days on market due to the sheer number of investors targeting their market.
Builders may start seeing their inventory stay on the market for a longer period of time, increasing their holding costs while decreasing their bottom line.
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