Midtown to add another mixed-use complex
Project by Pearl owner’s development arm part of area’s building boom
Pearl owner Silver Ventures’ development arm received city approval Wednesday of its plans for a mixed-use project along the Museum Reach section of the River Walk.
Renderings filed as part of Oxbow Development Group’s request offer the first glimpse of a nine-story complex that could replace an industrial building it plans to demolish at 102 E. Josephine St.
The project, which is outside the traditional footprint of Pearl, would be the latest in a swell of development in the area.
It’s to include about 250 apartments, as much as 20,000 square feet of retail space and from 30,000 to 40,000 square feet of offices — as well as parking available to residents and the public.
“Oxbow Development Group is excited to have an opportunity to create a project that connects meaningfully to the San Antonio River and is
just steps from Pearl, Hotel Emma, and various Potluck restaurants,” said CEO Bill Shown, referring to Potluck Hospitality, which focuses on restaurant and hospitality concepts at Pearl.
“Transforming a former industrial site into something that is beautiful and that contributes to the dynamism of
the neighborhood is in our DNA,” Shown added.
Renderings show landscaping and planters around the complex, a pool and an outdoor dining area. The Historic and Design Review Commission approved the designs.
It’s unclear how much the project will cost and what rents will be. Construction
could begin in 2024 and wrap up in 2026 or 2027, Oxbow executives said previously.
It would be the fifth residential complex at or immediately adjacent to Pearl and push the total number of units there to more than 1,100.
Silver Ventures owns 10.4 acres across the river from
Pearl, giving the firm ample room to expand. Oxbow is developing a seven-story, $80.9 million complex at 1126 E. Elmira St., which will include about 263 apartments, commercial space and parking.
The surrounding Tobin Hill neighborhood and broader Midtown area are teeming with construction. Just over 2,800 units are being built, according to real estate data firm Costar.
Midtown is the most expensive local submarket Costar tracks, with an average market asking rent per unit of $1,726 a month. That’s largely because of rates at and around Pearl — the average market asking rent within half a mile of Pearl’s
main plaza is $1,859 a month.
The vacancy rate in Midtown is 10.5 percent, up from 6.7 percent a year ago. Over the past 12 months, 107 more units were vacated than were leased, according to Costar.
The Lynd Co. and Opportunity Home San Antonio are building over 250 apartments across from Hawthorne Academy and Embrey Partners is constructing over 300 apartments at 847 E. Ashby Place.
Area Real Estate is converting the former Borden Creamery warehouse adjacent to Embrey’s project into commercial space.
Sabot Development, Urban Genesis and Harris Bay also have plans to build more than 1,400 apartments in the area.