SAN MARCOS, TX-A San Antonio-area development group has started mapping out a 219-acre residential development after picking up the land in an off-market, $4-million deal with a local seller. At build-out, the as-yet unnamed mix of "for rent" and "for sale" units most likely will top $100 million in value.
JMG Land Acquisition I is planning to start infrastructure work in first quarter 2007 on land overlooking the Blanco River, near Texas State University and a next-door neighbor to the 238.29-acre Blanco Riverwalk, a soon-to-start, mixed-use development totaling 2.75 million sf. "I knew about Blanco Riverwalk for some time," Craig Guidry, a Sperry Van Ness adviser in Houston tells GlobeSt.com. "When I heard there was an opportunity across the river, that's when I brought it to JMG." He and Sperry Van Ness senior adviser Bruce Ripper worked the off-market deal nearly six months before the all-cash trade closed.
According to the Blanco Riverwalk website, Burt Heimlich and Christopher Green, principals of Blanco River Development Co. LLC, are planning 895,000 sf of retail and entertainment, 400,000 sf of office and medical space, three hotels with 440 rooms, 765 condominiums and a 5,000-seat amphitheater. The development site has 5,000 feet at the water's edge.
"We're going to work off them," Ripper says. "That development is going to spur development." With Blanco Riverwalk's developers focused on commercial space, JMG plans to develop at least two apartment complexes, possibly 1,000 units; 150 townhouses, patio homes and cottages; and 150 single-family dwellings. Talks also have begun with a golf course developer for the balance of the land, he says.
JMG's site along Post Road has 9,000 linear feet of Blanco River frontage and includes a 30-foot bluff overlooking the Blanco Riverwalk site. "It will be like looking over a downtown," Guidry says. The development will sit off Interstate 35, just 26 miles south of Austin and 45 miles north of San Antonio.
JMG has tapped Blanco Riverwalk's consultant, TBG Partners of Austin, to craft the land plan. The brokers say it's too early to pin down the all-in development costs, but expect the build-out value to easily surpass $100 million.
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