More San Antonio-related 'snippets' from the Texas Real Estate Center's semi-weekly RECON report:
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REGAL HILLS COMPETES WITH THE RIM AND THE SHOPS AT LA CANTERA
SAN ANTONIO (MySanAntonio.com) – Galleria Ventures Ltd. has given the northernmost 100 acres of a 400-acre tract at Loop 1604 and I-10 to Turnberry Associates to build a one million-square-foot retail palace dubbed Regal Hills. Galleria will receive partnership in Turnberry in exchange for the acreage. Galleria plans to build houses and commercial buildings on the remaining 300 acres.
Construction is slated to begin in summer or early fall this year. Regal Hills could open by fall 2006. Turnberry officials said they are finalizing leases with tenants for the center, which is the third to be developed at the intersection.
The Shops at La Cantera will open later this year with 1.2 million square feet. The Rim, which is immediately north of Regal Hills, is under construction with one million square feet of retail and diversions.
http://www.turnberry.com/r_regalhills.htm
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RABA BUYS RIVERWALK SITES FOR MIXED-USE CONVERSION
SAN ANTONIO (GlobeSt.com) – Local architect Larry Raba has purchased three historic Riverwalk structures totaling 1.3 acres for a $67 million, mixed-use conversion. The Piazza San Lorenzo redevelopment will include 17,000 square feet of riverside restaurants, 30,600 square feet of piazza-level boutique retail, 37,500 square feet of office space, 25 condominiums for purchase and 47 two- and three-bedroom fractional ownership units.
With the site secured, officials said that the condo reservations will become sales and the letters of intent will turn into leases. Piazza San Lorenzo has 315 feet of Riverwalk bank frontage. The three buildings that were purchased for the project include the Book Building at 140 E. Houston St., the Clegg Building at 130 Soledad St. and the Solo Serve Building at 114 Soledad St.
Prices for the condos, which average 2,800 square feet, hover between $300 to $350 per square foot. Local builder Bartlett Cocke will be the general contractor. The Solo Serve Building will be demolished and developers will construct the residential portion of the development on the site, including eight stories on the Riverwalk side and 11 stories on the Soledad St. side. Construction is projected to begin in September with developers eyeing completion in first quarter 2007.