The City Council took the first concrete step to redeveloping the site on Thursday, when it OK'd a public-private partnership with NRP Group and two Sugar Land firms, Terramark Homes and Wallace-Bajjali Development Partners. If all goes as planned, the Red Berry estate will be crowded with 600 apartment units, 66 townhouses and more than 300,000 square feet of space for retail, dining and entertainment, and medical offices. The mansion itself will undergo a $2 million renovation.
The cost of the two-phase project: $149.8 million, with the city kicking in an $8.46 million grant — paid out of property tax revenue as the build-out progresses — and more than $4 million worth of fill.
It's not as sweeping as Bailey's vision, but it might actually get built.
NRP Group is the developer behind the successful Cevallos Lofts in Southtown and the $30-million Tobin Lofts at San Antonio College. The Cleveland, Ohio-based firm also has partnered with Brook City Base to build an apartment complex at the former Air Force base.
After completing its first townhouse project here in 2012 — Cevallos Modern — Terramark Homes has been building several others in the downtown area, including on Cherry Street near the Hays Street Bridge.
A newcomer to San Antonio, Wallace-Bajjali claims on its website that it's “currently involved in more than twenty working projects and manages more than $200 million in real estate assets.” Most of the firm's work is in Texas.
They should call somebody in Joplin or better yet stop by and let us treat you to a Coca-Cola.
No comments:
Post a Comment