AREA's Betting Big on Downtown San Antonio. Here's Why.
San Antonio’s urban core is continuing its transformation into dominance. AREA Real Estate principal David Adelman is definitely in the game, with three projects underway or starting soon in various property types in and around Downtown. He (and other stellar panelists) will be talking about central city projects and fundamentals at Bisnow’s San Antonio State of the Market on Oct. 1 at the St. Anthony starting at 7:30am.
David doesn’t exclusively build Downtown, but he’s become known for his development and redevelopment in the urban core. They’re much harder to do than suburban work, David tells us (and often much more expensive), but capital markets and the city are happy to be involved, and users eat these projects up. It’s all about shrinking your triangle, David says—having as small a distance as possible between home, work, and where you hang out with your kids or friends.
David’s particularly excited about his redevelopment of the Maverick Building Downtown. He says office product Downtown is an important part of creating a functional ecosystem. (That’s why he thinks the Frost Tower is one of the most exciting things happening in San Antonio.) The Maverick Building is on Houston Street at a key corner by the Riverwalk. It hasn’t been activated in years, David says. He’ll demolish the second-floor mezzanine so retail can thrive again on the first floor, and he’d like to see the basement turn into a banquet/meeting space, fitness center or “super cool” jazz bar. Reata’s Don Thomas is leasing the retail portion.
David hopes to capitalize on the strong demand for high-density multifamily with his 815 Ave B development (rendered here). No one knows how deep the market is, and he says there will be bumps and periods of oversupply, but he estimates there’s room to add 600 units a year in the urban core, which he defines as all of downtown and the surrounding neighborhoods from Southtown to River North/Pearl. 815 Ave B will offer 304 units right on the river. It’s in design now and will break ground in Q2. Last but not least, people are buzzing about AREA’s redevelopment at 1811 S Alamo. It’s a 12k SF industrial building in Southtown, and David’s looking to build creative office and restaurant/bar retail. The goal is to replicate his success with the Overland Architects/Rosella Coffee building. The two uses feed each other and create a vibrant atmosphere. He’s already gotten preliminary interest from users, and said he’d love to go design/build there.
Join us for the San Antonio State of the Market on Oct. 1 at 7:30am at the St. Anthony Hotel for more info! Register now.