San Antonio’s Bold $1 Billion Development Plan: Over 1,500 Apartments Planned Near New Ballpark
San Antonio is set to undergo a significant transformation with a **$1 billion proposal** that aims to bring more than **1,500 new apartments** to the downtown area surrounding the planned ballpark for the Missions. This ambitious development, spearheaded by local developer Weston Urban, also includes a hotel and retail spaces, promising to reshape the urban landscape.
Destruction of Affordable Housing
The development plan will see the **demolition of the Soap Factory Apartments**, a complex that offers much-needed affordable housing in the area. With **381 units**, this affordable complex is one of the few remaining downtown, and its removal raises concerns among current residents and community advocates. The average rent at the Soap Factory is **$900 per month**, significantly lower than the downtown average of **$1,555**.
New Developments on the Horizon
The plan involves constructing a **4,500-seat stadium** on mostly vacant lots near the **San Pedro Creek Culture Park**, with Weston Urban’s other developments happening around it. The goal is to create vibrant spaces that will accommodate thousands of new residents, according to Randy Smith, co-founder of Weston Urban. “Several thousand more residents downtown would be a massive shot in the arm of existing businesses and small food and beverage folks,” he stated, emphasizing the potential economic boost for the area.
Phased Approach to Construction
The redevelopment will occur in **four phases** over the next several years, with the first two phases expected to be completed by **2029**. These initial phases aim to introduce **575 apartments** and around **200 hotel rooms** to the downtown landscape. Weston Urban is actively seeking a partner for the hotel to cater to traveling sports teams and families visiting the nearby Christus children’s hospital.
Current Housing Landscape
Despite the influx of new apartments, concerns loom over the loss of the Soap Factory Apartments. **Nearly 6,000 apartments** are either built or under construction within the area bordered by Interstates **10, 35, and 37**. Weston Urban’s projects could expand this inventory by **36%**, an impressive figure, yet it comes at the cost of a rare affordable housing option.
Tenant Concerns and Support
Current tenants of the Soap Factory have expressed worries regarding their future as they face displacement. While Weston Urban has enlisted the support of the nonprofit **Building Brighter Communities** to assist tenants in finding new housing, no financial aid for moving expenses has been pledged. The complexities of moving could pose significant challenges for low-income residents who rely on the Soap Factory’s affordability.
As construction approaches, current residents have been assured that all leases will be honored and will receive notifications concerning their future housing at least **60 days** before the end of their lease agreements. Many residents work in nearby hotels and restaurants, emphasizing the importance of maintaining affordable living options in the city center.
Healthy Demand for Downtown Living
Interestingly, despite the higher vacancy rate of **13.1%** in the downtown area, there is a steady demand for city living, with more units being occupied than vacated. Data indicates that this trend has continued for over five years, hinting at a robust interest in urban housing options. The new developments aim to attract a diverse demographic, including **young professionals**, **empty nesters**, and **students** from the University of Texas at San Antonio.
Looking Ahead
While the project promises prosperity and growth for San Antonio, **financing challenges** loom large. Developers have expressed concerns over rising interest rates and increasing construction costs, which could impact the viability of creating these new units. Moving forward, Weston Urban aims to secure crucial investments while fostering a positive image of San Antonio as an **attractive investment market**.
