SAN ANTONIO – Editor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT.
A Dallas-based developer has landed a $10.6 million investment that allows it to begin construction on a $65 million redevelopment on the East Side.
Dallas-based Provident Realty Advisors plans to transform portions of the former Friedrich Air Conditioning property at 1617 E. Commerce St. into 347 residential units called Friedrich Lofts in a public-private partnership with the San Antonio Housing Trust Public Facility Corporation and the American South Real Estate Fund (ASREF).
“I just really believe in the East Side. We’ve received tremendous support from the city and from the neighbors,” Dave Holland, executive director for Provident, told the Business Journal.
Units will range from 625-square-foot efficiency units to two-bedrooms with more than 1,000 square feet. The San Antonio Housing Trust will own the property and provide a 75-year ground lease to Provident. As part of this deal, Provident must designate half of the units for families making less than 60% to 80% of the area’s median income.
The project will also include a five-story parking garage, which will be free to residents. The facility will also includes a fitness center, a pool and a 6,000-square-foot clubhouse with a leasing office.
Holland added that the apartment complex will benefit recent college graduates who can’t afford to live in existing high-end properties downtown.