Over 1,500 apartments potentially emerging around downtown ballpark
In a stirring move, San Antonio can anticipate a fresh wave of urban development, centered around the downtown area. This transformation, tipped to exceed the $1 billion price tag, provides an aggressive plan outlining construction around the Missions’ new stadium. This ballpark-focused development includes creating upwards of 1,500 new apartments, a substantial boost to downtown’s housing supply.
Included in these construction prospects are ideas to replace the 381-unit Soap Factory Apartments, known for its affordability and accessibility to downtown. Alongside the myriad of proposed residential apartments, are a hotel, a parking complex, and space allocated for retail outlets and restaurants. Sizeable developments such as these come courtesy of the San Antonio developer, Weston Urban.
Gigantic Push for Downtown Development
“Several thousand more residents downtown would be a considerable boost for existing businesses, especially those in the food and beverage sectors,” states Weston Urban’s co-founder and leader of the group overseeing the Missions, Randy Smith. He emphasizes that it isn’t only about creating accommodation, but fostering a thriving metropolis.
Early stage plans reveal that the person-count downtown is likely to rise exponentially, given the significant number of apartments to be built and the community cultivated around these new living spaces.
The Grand Plan
Initially, the four-phase redevelopment project aims to materialize 575 apartments and anywhere between 175 to 200 hotel rooms by 2029. Garnering over $575 million in investment for the first two phases, this ambitious project is looming on the horizon of San Antonio’s cityscape.
If everything goes to plan, after completion of all four phases, downtown will boast an impressive, massive 1,500 new apartments. This is a considerable boost to the housing that the firm aims to build, separate from the Missions project.
Implications for the Soap Factory Apartments
The Soap Factory Apartments, an anchor in the downtown space for affordable, market-rate housing, is scheduled for demolition. Despite the blow to affordable housing, the average rental at Soap Factory, $900 per month, is reported to be notably lesser than the prevailing downtown’s average of $1555 per month and $1872 around midtown locality.
Opinions on this demolition have been mixed, with some residents voicing concern over finding affordable housing and the potential risk of homelessness. However, to aid this transition, Weston Urban has enlisted nonprofit Building Brighter Communities to assist residents in finding alternative accommodation.
Growing Demand for Downtown Housing
Simultaneously, data indicates an increased desire for city center living, with more units being occupied than vacated for over five years. The strategy behind these new apartments directly addresses this growing demand and acts as an impetus to spur downtown growth.
The Road Ahead
Despite the current housing market’s challenges, leaders of Weston Urban remain confident about securing finances for development around the stadium. They cited their track record in developing the Frost Tower and renovating buildings along Houston Street for businesses and residential projects, bolstering their assurance in achieving their goals.
“We need the country to see San Antonio as a viable investment market. If it’s only local capital investing in San Antonio, we will not achieve our goals”, added Smith, positioning San Antonio as an attractive target for national and international investors.
