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AREA Real Estate has been chosen to develop Hemisfair's first multifamily complex, solidifying the local firm's standing at the forefront of San Antonio's urban revitalization.
The park's first public-private partnership is slated for the 1.1 acres in the southwest quadrant of the 37-acre district near the recently opened Yanaguana Park. The mixed-income complex will include 163-units and a 418-space parking garage that will lease 238 spaces back to Hemisfair for public use.
AREA Real Estate has been chosen to develop Hemisfair's first multifamily property, which will provide 163 mixed-income to the 37-acre urban park.
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AREA Real Estate has been chosen to develop Hemisfair's first multifamily property, which… more
The development, which will also include 3,200 square feet of retail space, will be a $25 million investment. Construction for the apartment building is expect to begin in 2016, with units available for leasing by 2017.
Lake Flato and WGW Architects will lead the design for the complex.
The deal, which has been approved by the Hemisfair Park Area Redevelopment Corp.'s board of directors, is still considered pending. It will go before the San Antonio City Council next week.
Once completed, AREA will manage the maintenance and administration of the development, including apartment leasing.
Public-private partnerships will be a critical component for Hemifair's financial stability. Once completed, the deal between AREA and the Hemisfair redevelopment group will cover 55 percent of the costs needed to operate the parks, and the remaining 45 percent will be accumulated through private donations, public funds and parking revenue.
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