13 Apr San Antonio south side apartment complex planned
Excerpts from the article by By Valentino Lucio in MySA San Antonio Express News
San Antonio-based MissionDG has plans to build a multifamily community in an area where the firm expects to see growing demand for apartments.
Located about six miles from the Texas A&M University — San Antonio campus at the Mission del Lago master-planned community, Villa Espada will offer up to 300 apartments. It’s an area that developer Mark Tolley said is already starting to see signs of increased demand for multi-family living.
“We believe that the market has matured to a point down there that justifies standard, market-rate apartments to serve the job generators in the area,” said Tolley, the director of residential services for 210 Developers.
He pointed to the projected growth of enrollment and faculty at the university and Eagle Ford-related ventures.
City Council is expected to vote Thursday on a measure that would grant the developer an incentive package worth about $1.7 million for the project. Incentives include about $1.087 million in tax rebates over 10 years, $56,970 in city fee waivers and $552,000 in SAWS fee waivers.
The property is currently outside the Inner City Reinvestment Infill Policy boundaries. But 210 Developers was deemed eligible for incentives because it filed for them in December, a month before the boundaries were changed.
The firm will not pursue county incentives, Tolley said.