(Read more on the multifamily market.)

SAN ANTONIO-The joint venture developers of Vidorra, a residential condo near the Downtown, expect to break ground at year’s end or early 2008 on a second $58-million tower. Work will begin on the 150-unit twin when the first tower hits the 80% sold mark–and it’s already two-thirds of the way to the benchmark.

The locally based partners, Drake Leddy of Presidian Development, Management & Consulting and Jeff Rochelle of DTMLS LLC, are within 45 days of seeing the first phase of their three-acre project at 215 Center St. come out of the ground. The pier work has just been finished after seven months of site work.

Despite the unusually high number of rain days, the $58-million opening act is slated to deliver in December 2008. Based on the timeline and 22-month construction schedule, the twin will be on line by December 2009, Kelly Osburn, vice president of Dallas-based Humphreys & Partners Architects LP, tells GlobeSt.com.

Osburn says the brisk sales are a testament to Vidorra’s ability to fill a niche in the marketplace. Two of the five penthouses, ranging from 1,600 sf to 2,500 sf, are sold. The others are one-, two- and three-bedroom designs ranging from 850 sf to 2,500 sf. Not only are the units larger than the norm, but Osburn says the average price of $350,000 hits a sweet spot for dual-income, no-kid buyers or as the trade prefers, Dinks. The buyer’s profile includes empty nesters, military and retired officers, medical professionals and second- and third-home investors from inside and outside the US. To date, Chicago-based Garrison Partners Consulting has 54% of the units sold or reserved.

“It’s a product that’s not in that market right now,” Osburn says, citing nearby competitor’s sale tags of $450,000 to $550,000 sf. “They’re obviously under them on price points.”

The Humphreys design is a 23-story tower with eight units per floor. It also includes four-story townhouses as wrapping for the Vidorra’s parking garage so it’s not visible from the street. The amenities package includes a 24-hour doorman and guest suites for overnight stays. CF Jordan Construction Services LP of El Paso is the general contractor. TBG Group’s San Antonio office is the landscape architect.

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