Originally Posted by texboy
Is it just me or do I feel that SA is kinda being left out of the condo building boom?!?! Look at Austin, Chicago, Dallas etc.. Im really confused on why SA is still being overlooked! When new business' start up here, like restaurants and new retail stores, more often than not they are overwhelmed with customers, bc there is such a need and a want in San Antonio for more choices and more options. Are developers just blind, or is there some stupid hidden statistic that I don't know about that is keeping potential developers of large condominium projects downtown at bay? I think its evident when huge retail outlets like The Shops and North Rim are going up and when the number of passengers at our airport keeps rising exponentially that some kind of economic boom is occuring. This year alone millions of sqft of retail space was added to our city, over 22,000 people moved to our city, several new non-stops were added at our airport. Am I the only one seeing this? Am I looking at this wrong? San Antonio seems to be primed for major condo and retail development downtown.
If it were me, and I had the money, I would be taking MAJOR advantage of this boom here by investing in a downtown that is already arguably the most vibrant downtown in the state, and possibly has more room to go up than any other city in Texas.
I'm not sure what the magic number would be for a financial return for developers would be for SA. IN Sacramento is is a minimum of $400 per square foot. In actuality there getting much more.
Developers have to be able to pull a certain dollar figure per square foot in order to make the project pencil out. That's taking into effect cost of land, construction etc. If residential units in Austin are starting around $250,000, I would imagine they can make it pencil out for SA.
I would think SA wont be far behind. Belive me Sac was watching San Diego, San Francisco and Portland get all the high rise condo activity on the West Coast. Now the flood gates have broken and the market is proving itself. (Selling out 280 condos in two days). Developers locally as well as from Denver, & San Diego have taken notice.
It will probably start with a hotel/residential mixed use project and the go from there. San Antonio would be great for residential highrises.