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  #21  
Old Posted Feb 12, 2016, 3:27 AM
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Originally Posted by ILUVSAT View Post
I don't think he/she meant it in that manner. I believe the thought was that this development could get tied up (at least a bit) in the approval process since the developer is seeking incentives and the city wants affordable housing.

More affordable housing is a good thing. However, unless incentives completely offset the potential revenue, the more units of affordable housing included in a project could affect the cost of the "market rate" units (i.e., increasing their cost). The project has to be economically viable for the developer and his/her equity partners.

Another area in which the developer could cut costs and still remain economically viable is in overall design (this assumes the developer did not receive enough incentives while still including affordable units and keeping the cost of market rate units down).
*nodding profusely*

this might be the explanatory post of the year.
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  #22  
Old Posted Feb 12, 2016, 4:51 AM
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30-Story Luxury Apartment Tower Aimed at River Walk

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IRIS DIMMICK on 11 February, 2016 at 20:38

JMJ Development, a Dallas-based developer, announced ambitious plans this week to construct a 30-story luxury apartment tower on the San Antonio River Walk downtown.

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 timing is right for a product like this,” Barton said. “You have a city that is proactive to make a development work … (San Antonio) is cooperative and open to dialogue.”

San Antonio’s emerging downtown real estate market might have attracted the firm to the city, but it was the City’s commitment to downtown development as demonstrated by its Center City Housing Incentive Policy that made Barton confident in the project called JMJ Towers River Walk.

“JMJ Development has met with (Center City Development and Operations Department) staff regarding incentives for the project under the Center City Housing Incentive Policy,” stated John Jacks, CCDO interim director in an email.

“An incentive agreement has not yet been executed but, per the policy, the project would be eligible for fee waivers, low-interest loans, and a tax rebate, all subject to funding availability and design approval by (Historic and Design Review Commission).”

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.

Barton said it was atypical to announce building plans before such steps were finalized, but that they wanted to be “good neighbors and let everyone know what’s going on.”

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.

JMJ has been a part of high-end hotel, single-family, and rental real estate deals around the world including King’s Gate, a 870-acre master planned community near Medina Lake and luxury hotels in Mexico and Dubai.
http://therivardreport.com/30-story-...to-river-walk/
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  #23  
Old Posted Feb 12, 2016, 5:13 AM
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This is a pic from the article for massing purposes (not the final design).


http://therivardreport.com/30-story-...to-river-walk/
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  #24  
Old Posted Feb 12, 2016, 5:46 PM
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Well, the massing has a good shape to it. It looks to be about 360 feet or so. If they can follow through with a good design, I'll be happy.
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  #25  
Old Posted Feb 12, 2016, 6:41 PM
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The building looks to be on the site of the old Bowen Island. I bet some cool stuff will be uncovered from that location. I think it would be nice if the developers could reference the location, perhaps a waterway or restaurant sharing that name.



photo from: http://www.edwardsaquifer.net/sariver.html
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  #26  
Old Posted Feb 12, 2016, 7:52 PM
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Originally Posted by UrbanTrance View Post
This is a pic from the article for massing purposes (not the final design).


http://therivardreport.com/30-story-...to-river-walk/
Judging from this, it looks like it's around 320 to 330 feet. The Tower Life Building is 404 feet. The Drury Plaza Hotel is 284 feet to the roof, 312 feet to the sign and 346 feet to the mast. It's somewhere between the height of the top of the Drury Hotel sign and the mast height. So it's probably just about tied for 6th place with the Crowne Plaza Hotel.
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  #27  
Old Posted Feb 12, 2016, 10:18 PM
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Quote:
Originally Posted by UrbanTrance View Post
30-Story Luxury Apartment Tower Aimed at River Walk



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.




http://therivardreport.com/30-story-...to-river-walk/
I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives.

Even if the building is actually going to cost $500 million (about twice as much as Austin's Austonian), the roughly 200 for rent (apartment) units, ranging in price from $1,500 to $3,000, is not going to meet margins (without massive incentives from the City). Add to that...the fact that they would could only receive massive incentives if they added a lot of affordable units within the project. Something is very amiss here.

Also, I am not very familiar with JMJ's development history...how may high-rises have they completed?

Additionally, 6,200 SF of commercial/retail space is smaller than your typical Chili's restaurant. So they are not making too much off of that.

Don't get me wrong. I really, really want this type of development to become the norm in SA. But, I am cautious with this proposal as currently presented publicly. Why have all the bells and whistles when there is no competition and a perceived pent-up demand??? Hey, I know...it's cool and all. But, it does not make common business sense.

I have little doubt that something will get built on this site. However, I do not, at the moment, believe it is what is currently being sold by the developer.

Last edited by ILUVSAT; Feb 12, 2016 at 10:28 PM.
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  #28  
Old Posted Feb 12, 2016, 10:32 PM
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Originally Posted by KevinFromTexas View Post
Judging from this, it looks like it's around 320 to 330 feet. The Tower Life Building is 404 feet. The Drury Plaza Hotel is 284 feet to the roof, 312 feet to the sign and 346 feet to the mast. It's somewhere between the height of the top of the Drury Hotel sign and the mast height. So it's probably just about tied for 6th place with the Crowne Plaza Hotel.
Kevin, I agree. 30 stories, only 200 units, above-grade parking and ground-level retail, this tower (to the height of the roof) should be in the neighborhood of 320'-330'. WHICH IS GREAT!!!

I'd rather have that than nothing!
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  #29  
Old Posted Feb 12, 2016, 10:58 PM
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Originally Posted by KevinFromTexas View Post
Judging from this, it looks like it's around 320 to 330 feet. The Tower Life Building is 404 feet. The Drury Plaza Hotel is 284 feet to the roof, 312 feet to the sign and 346 feet to the mast. It's somewhere between the height of the top of the Drury Hotel sign and the mast height. So it's probably just about tied for 6th place with the Crowne Plaza Hotel.
30 floors doesn't always mean it will be in the 300 ft range. The Grand Hyatt is 424 feet and is 34 floors the same with the Weston tower which is 30 floors and almost 500 feet to the mast.. 30 floors in such a small footprint could easily surpass 400 feet.
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  #30  
Old Posted Feb 12, 2016, 11:08 PM
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Originally Posted by ILUVSAT View Post
I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives.
Ha, yes, the automated car parking made me think of the Porsche Tower in Miami.



http://forum.skyscraperpage.com/showthread.php?t=210682


Except this sounds like it will be in a garage and not next to each individual apartment.

The project does sound ambitious, but I'm hoping for the best. The group has done the Rosewood Dubai and apparently was prepared to do this Le Diamond Ring Hotel in Dubai, but I don't think it was ever built.


http://liveromanticlove.blogspot.com...tel-dubai.html

Not sure of anything else.
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  #31  
Old Posted Feb 13, 2016, 12:39 AM
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Quote:
Originally Posted by ILUVSAT View Post
Kevin, I agree. 30 stories, only 200 units, above-grade parking and ground-level retail, this tower (to the height of the roof) should be in the neighborhood of 320'-330'. WHICH IS GREAT!!!

I'd rather have that than nothing!
Yes, absolutely. For the record, I'm thrilled with the news of these new towers in San Antonio. I don't care at all for negative competition. I see this is as a plus because, for one, I'm happy for you guys and San Antonio, but also I'll enjoy watching these progress on the forum and when I'm in San Antonio. I'm very excited.

Quote:
Originally Posted by Paul in S.A TX View Post
30 floors doesn't always mean it will be in the 300 ft range. The Grand Hyatt is 424 feet and is 34 floors the same with the Weston tower which is 30 floors and almost 500 feet to the mast.. 30 floors in such a small footprint could easily surpass 400 feet.
I'm just basing that on the 3D image that accompanied the article.

I do remember the article that firedoutofclay posted, which said this:

http://forum.skyscraperpage.com/show...7&postcount=10
Quote:
Only three buildings in the city would be taller: the 38-story Marriott Rivercenter, the 34-story Grand Hyatt and the 32-story Weston Centre. It will be as high as the Tower Life Building and the San Antonio Marriott Riverwalk.
I'm pretty sure what that article quote means is that those other three buildings have more floors than this one will, and therefore, they are taller - which they are. The article also says it'll be as tall as the Tower Life Building and Marriott Riverwalk Hotel, but the Tower Life Building and Marriott Riverwalk are nowhere near the same height. Tower Life Building is 404 feet tall, while the Marriott Riverwalk is 271 feet tall. I'm not saying what I'm saying because I'm trolling the subject, I'm saying it because I've been studying building heights and collecting them long enough to know this is what we can expect, and because San Antonio is one of the few other cities where that I care enough about to pay attention to, other than my own city. As an aside, we went out to eat last night, and there was a mariachi band playing live in the restaurant. They performed Rose of San Antone, and it made me smile. I love San Antonio more than you guys probably realize.
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  #32  
Old Posted Feb 14, 2016, 4:42 AM
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Originally Posted by Paul in S.A TX View Post
30 floors doesn't always mean it will be in the 300 ft range. The Grand Hyatt is 424 feet and is 34 floors the same with the Weston tower which is 30 floors and almost 500 feet to the mast.. 30 floors in such a small footprint could easily surpass 400 feet.
Paul...Residential, hotel and office structures have different requirements in floor-to-floor height. They cannot be compared apples-to-apples against each other.
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  #33  
Old Posted Feb 14, 2016, 6:17 AM
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Agree IluvSa

"I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives."

Something seems not quite right.

To those addressing "affordable housing", well, those requirements are part of the reason we get boring, beige buildings. Those costs have to be made up somehow, and less than appealing designs is one way that is done.
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  #34  
Old Posted Feb 14, 2016, 6:40 AM
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Originally Posted by Restless 1 View Post
"I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives."

Something seems not quite right.

To those addressing "affordable housing", well, those requirements are part of the reason we get boring, beige buildings. Those costs have to be made up somehow, and less than appealing designs is one way that is done.
None of what you said is true.

Affordable has had nothing to do with the designs of past buildings and has only been an incentive in the last couple of years.

It will have no affect on the design of this building or any building.

And it has yet to be seen if this developer will offer those prices. It's just one council person voicing their opinion.
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  #35  
Old Posted Feb 14, 2016, 7:36 PM
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Originally Posted by UrbanTrance View Post
This is a pic from the article for massing purposes (not the final design).


http://therivardreport.com/30-story-...to-river-walk/
I know it's just a massing model but it looks to be about the same as the Tower Life Building where the beige meets the green roof. The Tower Life is 404 feet to the base of the flagpole. That's why I guessed 360 feet (or so). Does anyone know the height of the Tower Life to that level?
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  #36  
Old Posted Feb 15, 2016, 4:18 AM
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Originally Posted by JACKinBeantown View Post
I know it's just a massing model but it looks to be about the same as the Tower Life Building where the beige meets the green roof. The Tower Life is 404 feet to the base of the flagpole. That's why I guessed 360 feet (or so). Does anyone know the height of the Tower Life to that level?
Not officially since we don't have the blueprints/building elevations for it, but I measured it with Google Earth, and it's 346 feet tall from the lowest elevation along St. Mary's Street (near the river) to the beige facade just below the green roof.
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  #37  
Old Posted Feb 15, 2016, 3:49 PM
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So there's my guess... 346 feet. Thanks, Kevin.
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  #38  
Old Posted Feb 17, 2016, 9:32 PM
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Found this view in my archives. From this angle the building will cover up the Tower Life Building.
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  #39  
Old Posted Feb 17, 2016, 11:29 PM
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Affordable has had nothing to do with the designs of past buildings and has only been an incentive in the last couple of years.

It will have no affect on the design of this building or any building.

Really? Any building?
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  #40  
Old Posted Feb 18, 2016, 4:01 PM
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Found this view in my archives. From this angle the building will cover up the Tower Life Building.
Where is that taken from, Raul?
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