8/7/15 San Antonio Business Journal: New river-fronting complex puts spotlight on urban pockets

August 10, 2015 by Will Schnier P.E.

By Katie Burke

Read Original Article Here

 

Local residential developers have been clamoring for land either near Pearl, close to downtown or with access to the River Walk. With 120 9th St., Indianapolis-based SC Bodner Co. Inc. got all three.

Image courtesy of SC Bodner and San Antonio Business Journal
Image courtesy of SC Bodner and San Antonio Business Journal

The San Antonio newcomer has plans to build a 220-unit, five-story apartment complex, with nearly half of those enjoying unobstructed river views. SC Bodner, which recently bought the nearly 1.8-acre site from the state, will leverage the in-demand property to build a reputation for itself in the city.

The complex, known for now as 120 9th St., will be SC Bodner’s second in Texas. Its first is the Creekside South development in Wylie.

The company, which is working with engineering firm BIG RED DOG’s local office, is hoping to begin construction on the complex in October, with work lasting a bit more than a year. And while pricing hasn’t been set, it would be fair to assume that rents for one of those 220 units won’t be on the low end of the city’s spectrum.

With other residential complexes such as the River House, 1221 Broadway and Pearl’s Can Plant as neighbors, all of 120 9th St.’s floorplans will likely go for upwards of four digits.

A 456-square-foot studio in 1221 Broadway, for example, starts at $1,094 a month, and that property is just half a mile away and isn’t fronting the river.

Floorplans in 120 9th St. will include studios, one- and two-bedroom units, with structured parking, elevators and the typical upscale amenities such as a clubhouse, dog park and fitness center.

But as vital as a dog park is to San Antonio’s residential market, what’s more is that out-of-town developers see San Antonio’s urban pockets as the ideal place to build. Just a few months ago I wrote about Dallas-based Alamo Manhattan and its plans to build a 191-unit luxury apartment complex at 111 W. Jones Ave.

Steady rises in asking rents and a growing desire among San Antonians to live downtown have developers saying just one thing: I want a piece of that.

And lucky enough for SC Bodner, they did.