Argyle Residential and Civitas EB-5 Capital—which are partnering on the 302-unit The Rivera—are only two in a long list of out-of-town developers and institutional players entering San Antonio, attracted to the Broadway corridor's new look.
The multiple mid-rise apartment projects that have delivered there since the Pearl Brewery redevelopment are game changers for Alamo City, because the corridor now feels like other popular cities, according to ARA's Pat Jones (right), who along with colleague Andrew Childers handled the 3.7-acre land disposition to the JV at 1130 Broadway. So it was no surprise that the location pulled in two significant out-of-city players, he says. Argyle is already a force in Austin, with five multifamily developments underway.
Another attraction: incentives. Andrew tells us this deal benefited from the City’s program to attract new residential development near Downtown. It’s offering San Antonio water system fee waivers and tax abatements and reimbursements. (Those can add up to one-tenth of a project cost, which helps as land and construction costs rise.) Pat says The Rivera will be very luxurious, and residents will have exciting new restaurants across the street. Civitas committed $11M of equity to the four-story building.
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