A large mixed-use development in the Lone Star neighborhood received a key incentive on Monday from Bexar County commissioners—a 10-year, 40-percent tax abatement on county property taxes worth an estimated $648,075.
The $55 million, 294-unit project is being developed by local firms Athena Domain and Ryoak Real Estate Group, and would consume five acres facing both South Flores and East Cevallos streets just south of South Alamo Street.
The unnamed project, located opposite The Salvation Army Family Store south of the railroad tracks, would provide all market-rate apartments, 14,000 square feet of retail space, 10,000 square feet of office, and a 443-space parking garage.
No word on when construction would start, nor on potential tenants.
James Schuepbach, principal at Ryoak, forwarded questions to his development partner, Rajeev Puri of Athena Domain, who has not returned interview requests since August.
The development also received an incentives package worth $4.6 million—the bulk of which is an estimated $3.9 million in city tax rebates over 15 years—from the Center City Housing Incentive Policy (CCHIP). This project received its incentives under the old CCHIP, prior to Mayor Ron Nirenberg's moratorium in December 2017.
On Thursday, the City Council reinstated the policy, but with several changes meant to produce more affordable housing.
Previous media reports suggest that the historic warehouse located on the site would be razed for the development.
$50M Lone Star neighborhood apartment project receives city, county incentives