SAN ANTONIO | Projects and Construction

[texboy]

Yea, world savings is setting up shop here. I will look for more info on that.

[SayTownboy]

Originally Posted by jaga185

There are three? I only heard of one, which three?

I was wrong. It's two downtown with a bunch of others going up on the north side.

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Office condos revive market

Adolfo Pesquera
Express-News Business Writer

The trend toward buying office space instead of leasing it is recharging the once-sluggish office construction market.

The "office condominium" concept was novel three years ago, said Michael Reyna, president of commercial developer TC Austin Properties. Today, developers are starting projects all over town.

Reyna tested the concept on a small scale back when the recession was keeping most companies from venturing into office construction. This year Reyna is breaking ground on two business parks and has plans for two more in 2006.

"This trend is happening and it's getting stronger," Reyna said, "so we're taking positions around San Antonio."

In Encino Commons just east of Stone Oak, TC Austin Properties is starting La Fontana Business Park, an 80,000-square-foot project encompassing 18 buildings. Buyers can purchase space in increments of 2,000 to 4,000 square feet at $180 per square foot.

Reyna got behind the idea when he realized he wasn't practicing on the commercial side what he preached in the company's residential division: "Why lease when you can buy?"

"I looked at how much I've paid to lease office space," Reyna said. "In 15 years, I've spent about $900,000. I could've bought a beautiful office building for that."

Buying a stake in an office park isn't for everyone. Companies prone to rapid contractions and expansions are usually better off leasing, he said, but small businesses that have fixed staffing levels can benefit from ownership.

The customer mix is generally professionals who want an asset they can turn a profit on should they decide to move or retire, but they get the advantage of sharing maintenance, insurance and tax costs with the other owners.

Reyna breaks ground next week on Huebner Oaks Office Centre, a 35-building, 75,000-square-foot development near Huebner Road and Northwest Military Highway. Investors can purchase office spaces as small as 1,500 square feet.

"We've sold buildings just off the plans; about 15,000 square feet is sold," Reyna said. Construction is expected to be complete in six months.

TC Austin Properties has land under contract in Stone Oak and in the Bandera Road/Loop 1604 area to start projects in 2006.

Another office condo pioneer, Steve Huffman of Huffman Developments, tried the concept because his cousin and partner had been having success with it in Dallas for years.

"San Antonio is just getting into the game," said Jim Ploetz, Huffman's marketing director. "Dallas is about five years ahead of us."

Huffman bought land in Stone Oak in 2003 and completed its first business park, the 15,000-square-foot first phase of Villages on Sonterra, late last year.

"Units can be as small as 2,000 square feet," Ploetz said, and each interior is customized to suit the client's needs.

Their phase one project on Sonterra Boulevard is completely sold, and phase two — which opens later this year — is 90 percent pre-sold, Ploetz said. A second business park is under construction in the South Texas Medical Center.

As Huffman and Reyna target the suburbs, other developers are testing the downtown area. Broadway Developments Ltd. is constructing The Courtyard at Brackenridge Park, two four-story luxury office buildings totaling 43,000 square feet.

Attorney Hans Lindberg took on the challenge of converting an old downtown office tower with nine floors. When Morgan Stanley purchased the Adam's Mark Hotel and converted it into a Crowne Plaza Hotel, part of the deal was Soledad Plaza West, the building across the street.

Morgan Stanley didn't want the office building, and the main tenant, Rackspace Managed Hosting, already had plans to relocate. The building immediately went back on the market and Lindberg saw a golden opportunity.

"Basically, what I do is determine whether a business venture is going to be financially viable," said Lindberg, who specializes in due-diligence consulting. "Through that, I see a lot of business deals. This one was too interesting to not partake of."

Getting funding was tough because of the unusual idea, but Lindberg found a willing source in Lone Star Bank. The project entails a major renovation of the lobby and air control system, but Lindberg estimates that his total costs amount to about $17 per square foot for a bare space.

"That's below what leases are downtown," he said.

Since the building was acquired at the end of June, Lindberg has sold three floors and has another three under contract.

"I think we're going to have it sold out within the next four months," Lindberg said. "We're going to have all reconstruction done within six months."

This was Lindberg's first real estate development venture, but he's surprised about how well it's gone. "It's kind of shocking, really. Seeing this thing come together has just been so much fun."

[DerekfrmSA]

Wicked thread guys!

I haven't been around lately but its awesome to know what's happening,

[texboy]

This Hotel is being compared to a Ritz-Carlton! NICE!

The West Paces Hotel Group Unveils Solis Hotels and Resorts: Today's Luxury Experience Redefined
Wednesday July 27, 6:00 am ET
New Brand Charts U.S. and International Development; Premiere Properties Planned for Phoenix, Atlanta, Chicago, Orlando, San Antonio and Frankfurt, Germany


NEW YORK, July 27 /PRNewswire/ -- The West Paces Hotel Group LLC has announced the introduction of Solis Hotels and Resorts, a luxury hotel and resort brand. Through unparalleled designs, settings and experiences, the brand reflects a new perspective of luxury based on input from world travelers and guests.
(Photo: http://www.newscom.com/cgi-bin/prnh/20050727/CGW015-a


http://www.newscom.com/cgi-bin/prnh/20050727/CGW015-b )

The premier Solis properties signify the genesis of a brand poised for sustainable growth through distinct designs and unparalleled customer service standards. Solis properties are currently planned for development in Phoenix (Paradise Valley), Atlanta (Alpharetta), Chicago, Orlando, San Antonio and Frankfurt, Germany.

"Solis Hotels and Resorts will embody a core philosophy of exceptional and caring service," remarked Horst Schulze, CEO of The West Paces Hotel Group. "We have uncovered significant major shifts by listening to today's upscale travelers which indicated to us a significant opportunity for creating a new hotel and resort product. The Solis brand was developed to provide our guests with a distinctive experience and a sense of place, while surrounding them with impeccable service."

Carefully crafted to appeal to discerning, well-traveled guests, the Solis concept was developed by an expert team of hospitality leaders. The Solis brand responds to key findings from guests' insights, and offers a new theory on luxury as defined by today's upscale travelers, to surpass the experience found in today's conventional upscale hotels. Providing guests with superior customer service, spectacular surroundings, exquisite dining options, unique designs and memorable experiences, each Solis property will offer luxury accommodations with a true sense of discovery, showcasing the distinctive character of its environment.

"The vision behind the Solis brand and the strength of The West Paces Hotel Group's management team represent an excellent opportunity," added M. Douglas Ivester, strategic investment partner with The West Paces Hotel Group, and former chairman and CEO of The Coca-Cola Company. With its first phase of properties representing more than $700 million in hotel and associated residential development costs, this preliminary investment marks the inception of a growing venture.

By design, Solis properties will be set in special environments, ranging from luxury resort retreats amid prized desert, mountain or ocean-front panoramas, or comfortable hotels in urban enclaves. Distinguished by experiences that engage guests with world-class facilities, customized service and amenities, Solis properties will provide exceptional gourmet restaurants and state-of-the-art spas and offer such spirited activities as archeology expeditions to off-the-beaten-path shopping, arts and culinary experiences.

The Solis Hotels and Resorts brand will premiere its resort portfolio with Montelucia - A Solis Resort & Spa (slated to open mid-2007), an Andalucian-style property located in Paradise Valley, Arizona (Phoenix/Scottsdale area), with 277 hotel rooms, casitas and suites, plus 34 villas available for permanent or vacation homeownership. Montelucia will reflect Old World southern Spain, and feature distinctive restaurants, a luxury spa facility designed by Sylvia Sepielli, boutique shopping, and ballroom, meeting and extensive wedding facilities.

Solis Hotel Chicago, a quintessential urban hotel property featuring dynamic skyline and river views, will offer 454 luxury guestrooms and suites, a signature restaurant, world-class fitness and spa facilities, and conference and meeting space. As a conversion of an existing hotel, this property is slated to re-open under the Solis brand and management in late Spring 2006. The property is located on Wacker Drive, one block west of Michigan Avenue.

The Stanbury, A Solis Hotel & Spa in Atlanta (Alpharetta, Georgia) is slated to open in late 2007 as a mixed-use property combining a 144-room boutique hotel with a world-class spa, luxury residences, a signature restaurant, meeting and banquet facilities, and space for office, entertainment and retail use.

Solis Resort & Spa, Orlando is slated to open in early 2008, and will reflect a timeless contemporary design with a world-class restaurant, spa, and meeting and banquet space. With 300 guestrooms (including 60 suites), the property will feature an extraordinary pool and water features, surrounded by exquisite landscaping. The property is located adjacent to the Orange County Convention Center.

Solis Hotel, San Antonio, a 150-room hotel designed to reflect the distinctive architectural elements of Mexico, is set to open in late 2007. Located near Dominion in South Central Texas, the property features a spa and fitness center, a signature restaurant with a large outdoor bar and lounge area, and world-class meeting and banquet space.

Solis Hotel, Frankfurt (Germany), a 348-room hotel, comprises a full block of urban redevelopment in the city's crossroads of famed cultural attractions, including the nearby Museum Mile. Envisioned to open by summer 2007, the property will feature a full-service spa, a gourmet restaurant and other dining options, and a selection of meeting and ballroom space.

The West Paces Hotel Group was founded by Horst Schulze, former president and COO of The Ritz-Carlton Hotel Company, along with several former Ritz-Carlton executives to create and operate branded hotels in several distinctive market segments. The principals of the company leverage unparalleled hospitality experience and a diverse track record of operating world-class hotels and resorts. The group's mission is to create value through superior service at luxury, world-class properties and conference centers in gateway cities and high-profile resort destinations around the world. The West Paces Hotel Group LLC currently manages properties and initiatives, including L'Auberge de Sedona (Sedona, Arizona); The Auburn University Hotel and Conference Center (Auburn, Alabama); and Hotel Avandaro Golf & Spa (Valle de Bravo, Mexico). The group will officially manage Partridge Inn (Augusta, Georgia) beginning in August 2005, and The Parkhotel (Euskirchen, Germany) in September 2005, scheduled to open later this year. For further information on The West Paces Hotel Group, visit http://www.westpaceshotels.com .

[texboy]

Im just adding to the Airport article a few posts up. American is adding a direct flight to Los Angeles now!

NEW: American adds nonstop S.A. to L.A. flight
Web Posted: 07/27/2005 04:29 PM CDT

Meena Thiruvengadam
Express-News Business Writer

San Antonio International Airport has added another nonstop flight between the Alamo City and the West Coast.

On Oct. 30, American Airlines will begin direct service between San Antonio and Los Angeles International Airport.

“We were seeing a lot of traffic from San Antonio flowing through our D-FW hub to L.A. and back,” American Airlines spokesman Tim Smith said. “The next logical step for us was to introduce a nonstop flight.”

Every day, American Airlines flight No. 2493 will leave San Antonio at 7:40 a.m. and arrive in Los Angeles at 8:45 a.m. A return flight, No. 2794, will depart Los Angeles at 9:30 a.m. and arrive in San Antonio at 2:21 p.m.

“We're optimistic about this route,” Smith said. “We're going to start with one flight and see how it goes. No promises, but we're hoping it will grow into more flights.”

Two other airlines, Southwest and United Express, already offer direct flights between the two airports.

Southwest has an 11:55 a.m. flight from San Antonio to Los Angeles and a 1:15 p.m. flight from Los Angeles to San Antonio. United Express, which began direct service to Los Angeles in April, has a 4:05 p.m. flight from San Antonio to Los Angeles and a 6:10 p.m. flight from Los Angeles to San Antonio.

“As the number of passengers flying continues to jump, we're going to see more airlines offering services like direct flights as long as the demand is there,” airport spokesman David Hebert said. “It's what the passengers want.”

Passengers already can fly direct from San Antonio to 28 airports in 26 cities across the U.S. and in Mexico.

“People don't want to spend part of their day waiting for a second plane to take off,” Hebert said. “They like the convenience of getting on one plane and stepping off at their destination.”

[DerekfrmSA]

That new resort sounds really nice!

[jaga185]

I'm posting from Austin right now, and all I can say is that being here and being there in San Antonio, you can just feel the difference. The projects going up here are just amazing. The building with Whole Foods in it is just beautiful. But anyway, I feel as though San Antonio is losing is place as the city in Texas that has the most options in downtown living. The condo units in Austin are just incredible, there is nothing of this kind in San Antonio, and we can only hope that the 32 story building we have on the drawing board can compete with prices and luxury such as here in Austin. I can see why some people just love it here, granted traffic is a nightmare, but it still has its charm. The one project that reminds me of things going on here is Big Tex Grain, it it's just like some of the apartments I see everywhere around the downtown area. Ok, I am done paying respects to Austin, my two cents have been said.

[DerekfrmSA]

I feel as though San Antonio is losing is place as the city in Texas that has the most options in downtown living.

We had a place? I don't think SA was ever high up on the list for cities that had many options, until recently, for downtown living. Downtown has a large downtown population moreso because of the many homes outside of downtown "loop."

But recently and currently, SA has started getting the ball rolling. The cities in Texas for downtown housing are and will be Houston and Dallas for many years to come. San Antonio is a new born compared to those cities who are adults with kids.

We're getting there but in baby steps.

But the next 1-2 years will tell where we'll be going.

A lot of U/C, planned, proposed housing developments currently going on with more to come as the downtown market shows what it can do.

Housing in the downtown area right now is in its genesis. Beautiful and wonder things are to come.

And I love te step Mayor Hardberger took in making downtown a really liveable place. He proposed that the downtown stop lights be in sync in each direction. Going east all the stop lights will turn green at the same time and then turn yellow then red at the same time. The same for all directions downtown. It may not be major but its a subtle change that will improve the quality of life downtown.

[jaga185]

Yeah, Hardberger is a going to be a good mayor. But SA is up there, with downtown living, there is a lot of condos that I didn't even know about, and I'm still learning that, "this building here is..." you know that kind of stuff. My dad and I carry on long convo's about everything from, New York to London. So he always talks to me about things, and he works for this surveying company, so he can tap into all sorts of things. He is a pretty smart man, but he doesn't have the internet at home....oh well.

[DerekfrmSA]

I'm not saying we don't have anything, but 4-5 years ago, that may have been true.

The last few years, by what I meant recently, has been something in terms of downtown housing construction, the downtown area hasn't experienced ever. And it's just getting better.

In five years, downtown will look nothing like it does now from ground level, hell, even sky high.

So if I were you, I'd start snapping those pictures, so you can remember what it used to look like.

[texboy]

Hell, if I ever had the money, I would build a condo project in downtown! San Antonio is such an untapped market for that! Yer right, developers will start seeing people move into condos and then a ripple effect will begin!

[Paul in S.A TX]

San Antonio has 3 or 4 times more people living downtown than Austin or any Texas city.Downtown San Antonio is a place were you will find scores of converted historic buildings that are turned into lofts,condos, etc.


a few examples of converted historical buildings in the downtown area.

www.southtexasbuilding.com

http://www.southendlofts.net/

http://www.campstreet.net/

[jaga185]

But what I see now, where does it show the information for the residences downtown, where are the actual numbers. As far as I'm concerned, the only thing I know is that we have a large downtown pop., but we don't know the actual numbers to of how many people live down there. So we can't say, downtown as 3-4 times as many people, unless we can back it up.

[Paul in S.A TX]

The U.S Census ,Fannie Mae and the Brookings institute put downtown S.A @ 24,000 in 2002.Dallas and Houston had a mere 3 or 4 thousand.Austin was in the same ball park.I will look for the chart that I have posted before.I wouldn't doubt San Antonio being closer to 30,000 by now.I would expect the other texas cities to have increased as well.San ANtonio still way ahead.

[Paul in S.A TX]

Actually it would be 4 or 5 times more than the other Texas cities.

[Chicago3rd]

Originally Posted by Paul in S.A TX

The U.S Census ,Fannie Mae and the Brookings institute put downtown S.A @ 24,000 in 2002.Dallas and Houston had a mere 3 or 4 thousand.Austin was in the same ball park.I will look for the chart that I have posted before.I wouldn't doubt San Antonio being closer to 30,000 by now.I would expect the other texas cities to have increased as well.San ANtonio still way ahead.

Notes from Fannie Mae:

http://www.fanniemaefoundation.org/p..._notes_3.shtml

San Antonio:

5.5 square miles downtown
4055 ppl per sq mile (note they lost 252 pple per sq mile between 1990-2000)

Houston:

1.8 square mile downtown
6676 ppl per sq mile (note they gained 2,727 ppl per sq mile between 1990-2000)

San Antonio uses a lot more land in their calculations for downtown.

San Antonio Dtwn lost 1,382 people 1999-2000
Houston Dtwn gained 4853 people 1999-2000

[Paul in S.A TX]

San Antonio has over 100,000 within 14 square miles district 1.San Antonio cbd clearly has more people living downtown.Other downtowns die at night but San Antonio's is lively into the late night and not only the weekend.

[Paul in S.A TX]

downtown San Antonio has built thousands of new housing since 2000.

[jaga185]

I don't think its thousands, but oh well. All I know is that San Antonio needs to build more condos downtown...bottom line, or we will continue to fall behind as Chicago3rd, I would say, factually put it.

[texboy]

I was talking to a friend of mine last night and he said something that made a whole lot of sense. He said that (in regards to Austin) that it seems like cities will go through a big growth spurt in the suburbs and then downtown will go through a growth spurt after that. He just said its kind of a cycle. That makes sense to me! Although Im not sure there was ever a time that San Antonio went through a downtown Condo growth Spurt, but I think this scenario is very true in terms of Austin. Im hoping this will be the same case for SA, bc we are beginning to see San Antonio explode.