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Oden Hughes LLC broke ground on the first phase of a 57-acre multifamily and commercial project in Far North Central San Antonio, activating one more major intersection along Loop 1604.
This will make two announced projects at the intersection of Loop 1604 and Bulverde Road: Oden Hughes’ multiuse tract to the north and the unfolding Bulverde Market to the south, where Fulcrum SA has started with in-line retail. Oden Hughes will unveil apartments first. Both are expected to incorporate commercial and multifamily projects.
Full build-out of the Oden Hughes’ project will bring another 1,000 Class-A apartments to the market. Fulcrum expects to put 320 units on the ground.
“This is a prime location for residential and commercial development in one of the fastest-growing parts of San Antonio,” Oden Hughes Vice President of Development Tim Shaughnessy said. “The new H-E-B has significantly increased traffic to this immediate area, and we think this site is primed to be the next retail hub. The property is also served by some of the best schools in all of San Antonio.”
The first 338 units of Oden Hughes’ apartment project are scheduled to open in late 2018. The property will feature a two-level pool with waterfall edge, a fitness-on-demand room, a running trail and a dog park.
CoStar analyst Sam Tenebaum said about 2,800 units have come to market within the one-mile radius of Loop 1604 between Interstate 10 and Green Mountain Road in the last three years. Another 600 units are under construction. Occupancy hovers around 80%, with rents averaging between $1.40 and $1.45/SF.
Oden Hughes is bullish on San Antonio, both building and managing properties. Lenox Stone Oak and the first phase of Landmark Grandview are completed. The 308-unit Amara Apartments are under construction near The Rim. Oden Hughes previously built and sold Platinum Shavano Oaks.
The land fronting Loop 1604, zoned for commercial use, will be sold once roads through the project are completed. Potential uses could include hotels, retail or assisted living.
Oden Hughes Construction will serve as general contractor on the multifamily project, which was designed by Kelly Grossman Architects. Oden Hughes Management will lease and manage it.
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