Paseo Real First Phase On Tap

Construction on the two-phase project on Paseo Real Highway near U.S. Highways 77 and 83 will launch this summer. The initial phase, which will be ready for leasing by summer 2010, will consist of 160 units. The second phase will contain the remaining apartments and retail component. RightQuest president Ryan Harden tells GlobeSt.com the second phase timeline will depend on how well the first phase leases up.

Villages of Paseo Real's groundbreaking comes after months of planning and working with agencies such as the city of San Benito and the San Benito Economic Development Corp. Harden says the 18-acre site had originally been zoned for light industrial, but was ultimately approved for a multifamily development. A flurry of activity taking place in early 2009 prompted the ownership to give the green light for a construction launch.

"The VA announced it would build a 120,000-square-foot facility around 1.5 miles from the site," Harden says. "A brand-new cancer center has been completed, that's about a mile from the site. United Healthcare announced a call center, and they're hiring 750 employees for that facility. It'll be less than two miles from this site." Also on tap is Pocket Communications' headquarters relocation from San Antonio to Harlingen, he says.

With all of the activity underway, Harden is confident the demand is there to fill Villages at Paseo Real. He says the targeted audience for renters will be predominantly medical professionals.

IBC Bank is financing the project. B&A Architects is leading the design team and Capstone Real Estate Services' San Antonio, TX office has the leasing the property management assignment. A general contractor hasn't been selected.