Characteristic Picture: Entrance to the San Jose Flats on Roosevelt Avenue. A New York developer is planning to rehabilitate the 51-year-old advanced. Picture: Google Streets.
by Adolfo Pesquera
San Antonio (Bexar County) — An condo advanced on Roosevelt Avenue that was constructed within the Seventies is on observe to get a $14 million renovation, as a part of an actual property acquisition.
San Jose Flats at 2914 Roosevelt Ave. is considered one of eight properties in Texas–the one one in Bexar County–that’s being advisable this month by employees of the Texas Division of Housing and Neighborhood Affairs (TDHCA) for a bond financing pre-application. The bond issuance request for the 2914 Roosevelt Ave. property is $40 million, nonetheless, that sum consists of acquisition and sure delicate prices unrelated to precise development.
The TDHCA Governing Board meets Thursday to vote on the initiatives that have been offered this month for consideration by the state Bond Evaluate Board.
The Associated Firms, New York-based, is planning to accumulate developmental management of the positioning by way of a improvement partnership, THF River Trails Preservation LP. After the acquisition, the advanced would change title to River Trails Flats. The advanced consists of 20 two-story residential buildings, a lease workplace and a 4,824 square-foot laundromat, all on a 16.67-acre lot.
Texas Housing Basis of Marble Falls, the present land proprietor, is anticipated to maintain a lease curiosity within the land and a charge curiosity within the enhancements. A floor lease will likely be entered into at closing with Texas Housing Basis as the bottom lessor.
Based on Bexar County Appraisal District Information, the advanced has a complete of about 192,916 sq. ft. Associated proposes to rehabilitate 220 models. Half of the models would lease to tenants with incomes at 50% of the world median household earnings (AMFI), and the remaining 110 models would lease to tenants with incomes at 60% of the AMFI.
Along with the bond financing, Associated has additionally utilized to the TDHCA for a 4% housing tax credit score award. The quantity of the tax credit score requested is $2,302,778.
A price range abstract mission prices states the exhausting prices (web site work and constructing renovations) are estimated to be $14,066,156. The acquisition price is $28,865,000. Gentle prices and different bills would deliver the housing improvement complete to $56,761,557.
The eight properties being thought of by the TDHCA Governing Board this month would require the reservation of about $278.7 million in personal exercise bond quantity cap. As soon as the Bond Evaluate Board notifies candidates that they’ve obtained their Certificates of Reservation, every has 180 days to shut on the personal exercise bonds.
The opposite initiatives in rivalry are:
- Terrace at Southern Oaks–new development of a 300-unit multifamily improvement on 22 acres by Southern Oaks Boulevard in Dallas. The bond inducement quantity is $45 million.
- Palladium East Berry Avenue–new development of 240 models at 2350 E. Berry Avenue in Fort Price. The bond inducement quantity is $26.1 million.
- Palladium Oak Grove–new development of 240 models at 1000 Oak Grove Street in Fort Price. The bond inducement quantity is $25.6 million.
- The Flats at White Rock–new development of 263 models at 2825 N. Buckner Boulevard in Dallas. The bond inducement quantity is $50 million.
- Potter’s Home at Primrose–acquisition and rehabilitation of 280 models at 2515 Perryton Drive in Dallas. The bond inducement quantity is $33 million.
- Primrose at Sequoia Park–acquisition and rehabilitation of 250 models at 1400 E. College Drive in Denton. The bond inducement quantity is $28 million.
- Rosemont at Pecan Creek–acquisition and rehabilitation of 264 models at 3500 E. McKinney Avenue in Denton. The bond inducement quantity is $31 million.
VBX Venture ID 2021-6533