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SAN ANTONIO | Villita St Tower | 384 FT | 24 FLOORS

Developer: JMJ Development
Architect: B&A Architects
Type: Multifamily
Location: 120 Villita Street, Downtown
Construction Timeline:

30-story luxury apartment tower planned for Downtown San Antonio

Quote:

Dallas-based JMJ Development LLC plans to break ground this summer on a 30-story luxury apartment tower along the River Walk in downtown San Antonio.

The tower, named JMJ Towers River Walk, will have 201 luxury apartments and upscale restaurant and retail space, according to a news release from the developer. It will be at 120 Villita Street, across from the Riverwalk Plaza Hotel & Suites.

The apartments will be a mix of studio, one-bedroom and two-bedroom units, with top floor penthouse suites, a fitness area and swimming pool, according to the release.

http://ww1.hdnux.com/photos/43/62/42.../1200x1000.jpg

30-story luxury apartment tower aimed at River Walk

Quote:

The real estate firm’s CEO Tim Barton said the tower will have 6,220 square feet of commercial space for restaurants and retail on the ground floor while the first six floors will host an “automated parking garage,” that will whisk parked cars from the ground level into stacked spaces above.

“(Residents will) pull up, park on the plate, lock it, and the plate is pulled into parking vending area,” said Barton, who estimates that the entire project, including the land, will cost about $50 million.

They plan to recover that cost through the rental of 201 units ranging from $1,500 studio efficiencies to $3,000 top-floor penthouses. Amenities would include a pool, gym, and roof-top common space.

The firm is currently under contract to purchase the vacant 0.35-acre property – which works out to be about almost 15,250 square feet.

Because it sits inside a River Improvement Overlay District, designs for the building will go through HDRC. Local architecture firm B&A Architects is working on preliminary designs, Barton said. “We’re a few weeks away from finishing up a design rendering.”

The JMJ Towers River Walk is currently the largest proposed housing project in the Central Business District, is being hailed by downtown community leaders as a lynchpin for efforts to revitalize San Antonio’s inner city and the Decade of Downtown.

Some sources in the development community, however, have a wait-and-see attitude, citing the yet-to-be finalized property and financial/incentive deals.

If all goes as Barton plans, construction would begin this fall and it would take about 2 1/2 years before move-in.

Colliers on the Hunt for $47M on Behalf of Texas Multifamily Developer

Quote:

Colliers International’s structured finance team has been exclusively retained to arrange $47 million in debt and equity for the construction of a 30-story multifamily property in San Antonio, Texas, Commercial Observer can first report.

The brokerage’s Jeffrey Donnelly, an executive director, and Ulrike Ahrens, a director, are working on behalf of the project’s sponsor, Dallas-based JMJ Development, to secure the financing by the second quarter of 2016.

Tim Barton, the chief executive officer of JMJ, told CO that the 201-unit development—dubbed Villita Tower—will be unique to the downtown San Antonio market because “there are no high-rises like this being built in the city.” The development site is located on the San Antonio River Walk, a network of walkways along the banks of the San Antonio River.

“San Antonio is a growing city, and there is a big demand for product like this,” he said. “Here in Texas the Dallas market has gotten a bit saturated.”

Once completed, Villita Tower will house a mix of market-rate rental studios and one- and two-bedroom pads. The property will provide tenants with automated parking for up to 230 cars. Additionally, there will be 12,000 square feet of commercial space, which will house three restaurants and a coffee shop, Mr. Barton noted.

“This is not our clients’ first rodeo,” Ms. Ahrens said. “They have executed an impressive array of high-end, luxury residential projects throughout the country. Furthermore, they are also a talented and visionary developer of luxury resort hotels of the absolute highest caliber—including the Rosewood Mayakoba in Riviera Maya, Mexico—a stunning execution of a challenging development and an iconic resort property.”

JMJ has completed multifamily properties across the country, including the Gates Residences, a 132,000-square-foot luxury condominium in Avon, Colo., and King’s Gate, an 870-acre single-family development in San Antonio. The firm is also constructing the Biltmore Ridges, a 2,000-square-acre residential and commercial development in Nashville, Tenn.

Villita Tower has a 24-month construction timeline, which will commence once financing is secured.

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https://commercialobserver.com/2016/...ily-developer/

All talk and no action

My impression of downtown San Antonio is at best deadbeat. The Frost Tower is scheduled to breakground in 2016 but still nothing.

Conversely when neighboring Austin announces new buildings they don't dilly daly around and construction begins within weeks.

If San Antonio purports to be one of America's fastest growing cities then there should be cranes dotting the skyline by now.

What is the delay!

Quote:

Originally Posted by grunge (Post 7495169)

San Antonio has more industry, larger corporate base, a bigger overall economy than its neighbor but things just take longer in S.A.

Quote:

Originally Posted by Paul in S.A TX (Post 7499420)

San Antonio has more industry, larger corporate base, a bigger overall economy than its neighbor but things just take longer in S.A.

That's not actually true at all. The Austin MSA has a larger GMP than does the San Antonio MSA.

I thought there were in the same metro... like DFW?

Quote:

Originally Posted by The Best Forumer (Post 7536434)

I thought there were in the same metro... like DFW?

No.

Developer ups budget on downtown tower to $70 million, adds office space

The additional units and office space pushed the floor count to 32 floors.

Quote:

A Dallas developer is expanding a new apartment tower along the River Walk to add 20 more units and some office space as more renters and companies move downtown.

JMJ Development, which announced a year ago that it would build the tower at the crossing of Villita Street and Jack White Way, has added two more stories to a 30-floor building that will have 221 when finished, said Tim Barton, the firm’s chief executive. The firm didn’t plan at first to include office space, but now wants to have almost 4,000 square feet of class A space, he said.

JMJ originally planned to start construction by late last year, but the process of drawing up plans has taken longer than expected, Barton said. He expects construction to begin in about a year and to take about 2.5 years.

http://ww3.hdnux.com/photos/57/01/66.../9/920x920.jpg

http://m.mysanantonio.com/real-estat...hp?ipid=brkbar

^ This could be as tall as Frost.

Quote:

Originally Posted by Dale (Post 7704814)

^ This could be as tall as Frost.

I could actually be taller! Lets hope! The Frost Tower will look better though...But we will take what we can get. Too good "tall" buildings in San Antonio is good. More will come. One day we will be like Austin? LOL!

Shortened downtown tower moving ahead with less commercial space, more apartments

Quote:

JMJ Development, the Dallas-based company behind recently revealed plans for a hotel on top of the Joske's building at the Shops at Rivercenter, has updated the Business Journal on its plans for the Villita Tower, a multistory mixed-use tower next to the River Walk.

When first announced in February 2016, the development on a 0.35-acre plot at 120 Villita St. was proposed as a 30-story mixed-use tower with 201 apartments. Rents were expected to reach $2.40 per square foot. It was also planned to have 12,000 square feet of ground floor commercial and retail space.

It's been over two years since that announcement, and while some details are still fuzzy, JMJ says the project is moving forward with a few design changes.

The most noticeable change is the tower's size, which has changed from 30 stories to 24 stories. While the tower has gotten shorter, the number of apartments has increased to 224. That's to the detriment of the ground floor's retail and commercial space, which has shrunk to 4,000 square feet.

The increase in apartments is likely due to changes in the building's parking plan, which will now use a new parking deck to be built across the street at 126 Villita St. That address is currently occupied by a nearly 13,000-square-foot building which houses a number of law offices. JMJ says the parking deck will be five and a half stories tall.

While a spokeswoman for JMJ has said the company has purchased the building, county deed records show the property still belonging to CLTR Properties LC. Attempts to reach the owners of the building were unsuccessful and the buildings current tenants did not get back to the Business Journal for comment by press time. JMJ says the parking deck will be five and a half stories tall.

JMJ says new renderings for the project are not available at this time, but said San Antonio-based B&A Architects and Dallas-based Fab Studio are still involved with the design.