SAN ANTONIO—San Antonio has long been known for its history and blend of cultures, but in recent years, an infusion of energy around technology, real estate development, entrepreneurship and creative enterprise has fueled the city’s growth. Companies moving to San Antonio are attracted to the river for corporate headquarters, with housing occupancy rates at more than 90%, driving up demand for downtown residences, especially among millennials. Today, San Antonio is among the top 10 US tourist destinations and the fastest-growing economies.
Thompson San Antonio Hotel and The Arts Residences, a $116 million, 20-level mixed-use hotel-condominium tower on the San Antonio River Walk, is set to bring luxury living accommodations to the downtown area and provide another economic boost to the city. The tower will create an additional 1,300 jobs throughout the construction phase, slated for this summer, to further enhance the growing economy and job market. The project is scheduled to be completed in 2019.
“With 1.5 million people projected to move to Bexar County over the next 20 years, this project adds an upper-income housing niche to the downtown market that will be attractive to business people,” said Bexar County commissioner Tommy Calvert.
With this development, developer DC Partners is entering the San Antonio market for the first time. The firm is teaming up with San Antonio-based Universal Service Group and recently named Jordan Foster Construction the general contractor for the project. Architecture is provided by Powers Brown with interior design by Amass & G.
“We at Jordan Foster are excited to play a major role in creating this landmark mixed-use development,” said Jordan Foster construction executive vice president Leland Rocchio. “The Arts Residences will bring an element of elegant downtown living to the area that has not yet been available in the culturally rich arts district.”
Located at the epicenter of San Antonio’s performing arts district, the 337,000-plus-square-foot mixed-use development will sit on what is now a .66-acre parking lot at the intersection of North Street, Mary’s Street and Lexington Avenue, across the river from the Tobin Center for the Performing Arts and next to Hotel Indigo. The development will include The Arts Residences’ 66 luxury condominiums atop San Antonio’s first Thompson Hotel.
“As the San Antonio downtown skyline continues to expand with new developments and an influx of downtown growth, the need for accessible housing increases,” DC Partners CEO Roberto Contreras tells GlobeSt.com. “The Arts Residences will provide an elegant downtown living option with luxury high-rise condominiums and hotel amenities for residents to enjoy an urban living lifestyle in a culturally rich arts district with a premier location across from the Tobin Center for the Performing Arts.”
The hotel and residences will have views of downtown, the San Antonio River Walk and the Texas Hill Country. The for-sale residences are priced from the $400s to more than $4.5 million for penthouses. The residences will have private entrances, concierge service and 24-hour security.
Located in the Tobin Center for the Performing Arts administration building, the 3,800-square-foot resident sales gallery provides a visual experience featuring a fully appointed kitchen and model bathrooms. Sales gallery visitors may view a 3-D animation video and 3-D architectural model of the nearby project under construction. A selection room features all available finishes for flooring, countertops and backsplashes, organized as they are available for condominium residences.
The Arts Residences is exclusively marketed by Kuper Sotheby’s International Realty.
Among DC Partners’ most recent condominium projects are the Cosmopolitan, Astoria, Arabella, Marlowe and Chateau Ten.
Since 1969, Jordan Foster Construction has been building in Texas, and had a role in some of San Antonio’s landmark and notable structures. Some projects include the 20-story Vidorra, Vistana, the Residences at La Cantera, recently completed Embassy Suites by Hilton San Antonio and the new Security Service Federal Credit Union corporate campus.