AREA Real Estate to Bring Residences, Parking and Retail to Hemisfair
Hemisfair has selected AREA Real Estate to build the first Public-Private Partnership (P3) development in the southwest quadrant of the district.
The deal, approved by the Hemisfair Board of Directors but still pending final approval by San Antonio City Council, would bring approximately 163 residential units and 238 public parking spaces to Hemisfair, the first such development in the district’s transformation. Hemisfair has a mixed-income residential policy to ensure that developments in Hemisfair have both workforce housing and market rate units to address a mix of tenant income levels. The new structure also features patios, balconies and 3,200 square feet of new restaurant and/or retail space on the ground floor.
P3 developments are a central piece of the long-term strategy to create a financial self-sustainable urban parks district at Hemisfair. At completion, Hemisfair anticipates that revenues from P3 developments (such as the one with AREA) will cover 55% of the costs needed to operate and activate the three parks. The remaining 45% will come from philanthropic donations, public dollars, and public parking revenues.
Construction is expected to start in 2016 with delivery of units in 2017. The total investment for the development is $25 million.