Bluerock Sells 269-Unit Stratford Community

By Camelia Bulea, Associate Editor

Bluerock Real Estate L.L.C. announced the sale of The Stratford apartments, a 269-unit multifamily community in Northwest San Antonio. The company purchased the property in December 2008, in a joint venture with The Lynd Co.

Lynd Co., the 34th largest apartment manager in the United States, managed the property on behalf of the partnership.

Originally developed in 1982, the apartment community is 95.5 percent occupied, according to a property presentation by CBRE Global Inc., which offered the property for sale. Comprising 19 two- and three-story residential buildings and a leasing and fitness center, The Stratford has 93 unique one-, two- and three-bedroom townhome units.

Custom features in the homes include fully equipped kitchens with natural wood cabinetry, serving bars and separate dining rooms, wood-burning fireplaces, wet bars, track lighting, brushed chrome hardware, full-size washer/dryer connections, large walk-in closets, patios and balconies with outside storage, as well as private front-door entries.

According to Citybizlist.com, rents at The Startford range from $590 to $1,135 per month.

CBRE reports that apartment home occupancy in the Northwest San Antonio submarket in the first quarter of 2012 was 92.7 percent. The company adds that there are approximately 580 units of new conventional multifamily scheduled to deliver in the Northwest submarket over the next year.

Bluerock Real Estate is a national real estate investment firm headquartered in Manhattan, which focuses on acquiring, managing and developing stabilized, value-added and opportunistic multifamily and office properties throughout the United States. The company has transacted more than 30 million square feet and $6 billion in acquisitions.

Photo courtesy of CBRE

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Scott Felder Homes Selected as Builder for Havenwood Community

By Camelia Bulea, Associate Editor

Austin-based Scott Felder Homes will serve as the recommended builder for the Havenwood community, following a strategic relationship with SouthStar Communities, a residential real estate development company and owner of the master-planned community located in New Braunfels.

The award-winning builder has already purchased 37 lots in Havenwood at Hunters Crossing and has plans to construct a model home, according to a SouthStar Communities news release. The ranch-style, single-story model home features four bedrooms, three-and-a-half bathrooms, a fireplace, an outdoor living area and a three-car side-load garage.

Havenwood at Hunters Crossing, located about 30 miles northeast of San Antonio, is a gated community. It includes amenities like a three-pool swimming complex, multiple sports courts and a nature trail for walking, hiking and jogging, as well as a private park.

SouthStar Communities adds that the homebuilder’s Montana floor plan has been awarded the Star Award for Best Product Design by the Texas Association of Builders.

With more than 30 years of experience in home design and construction throughout Central Texas, Scott Felder, owner & founder of the firm, asserts that “joining Havenwood at Hunters Crossing was appealing because the community is well established and includes impressive amenities.”

SouthStar Communities is a residential real estate development company with master-planned properties throughout the South. In New Braunfels, SouthStar Communities also developed Vintage Oaks, a community offering a pool, lazy river, outdoor kitchen and expansive meeting and party space—all within an incredible Tuscan-style arched stone structure. Since 1999, the company has developed 20 communities throughout Florida, Texas, Georgia, North Carolina and South Carolina.

Photo rendering of Vintage Oaks community, courtesy of www.vintageoakstexas.com

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San Antonio to Welcome TRISUN Healthcare Assisted-Living Center

By Camelia Bulea, Associate Editor

A new TRISUN Healthcare assisted-living and memory-care facility will be built in San Antonio, next to the TRISUN Care Center at Lakeside, which opened this summer.

Three companies are teaming up to build the project: Dallas-based MedProperties Holdings L.L.C. and Suntex Development L.L.C. will jointly develop the facility, while TRISUN Healthcare will operate and manage it, according to the San Antonio Business Journal. Once completed, the center will be owned by MedProperties and Suntex.

The 53,313-square-foot complex will have 42 assisted-living and 18 memory-care units. Designed by Austin-based DFD Architects and built by San Antonio-based Metropolitan Contracting Co., it will sit on 5.2 acres of land near Loop 410 and State Highway 151.

The developers worked with the same design-build team for the TRISUN Care Center Lakeside, which opened in August 2012 in Northeast San Antonio. The facility consists of 42,000 square feet of space, with 120 skilled-nursing and rehab beds.

According to its Web site, TRISUN Healthcare operates a total of four skilled-nursing facilities in San Antonio alone, including:

• Mesa Vista Inn Health Center: a 144-bed facility located at 5756 N. Knoll Drive;
• TRISUN Care Center Windcrest: a 188-bed facility located at 8800 Fourwinds Drive;
• TRISUN Care Center Wurzbach: a 140-bed facility located at 8300 Wurzbach Road;
• Trisun Care Center Lakeside: a 120-bed facility located at 8707 Lakeside Pkwy.

 Photo rendering of Mesa Vista Inn Health Center, courtesy of TRISUN Healthcare.

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Aragon Adds M-F Property to Growing San Antonio Portfolio

By Camelia Bulea, Associate Editor

California-based Aragon Holdings has purchased a 228-unit Class B property in North Central San Antonio. The Carmel at Deerfield apartment complex brings the real estate investment fund’s portfolio to  six apartment complexes and a total of 1,248 units in the Alamo City.

Apart from the Carmel property, the company’s San Antonio portfolio also includes:

• Las Brisas Apartments – 176 units
• The Lexington Apartments – 72 units
• Timbermill Apartments – 296 units
• Windridge Apartments – 276 units
• Regatta – 200 units

Carmel at Deerfield, constructed in 1985, is currently 99 percent occupied. Amenities of the garden-style community include a fitness center, tennis court, basketball court, swimming pool and spa, business center and clubhouse. Apartments feature private patios or balconies, large walk-in closets, well-appointed kitchens, ceramic-tiled bathrooms, wiring for intrusion alarms, and fireplaces and built-in bookshelves in some units.

Several of San Antonio’s largest employers are located within eight miles of the subject property, including USAA, The South Texas Medical Center and Valero’s world headquarters.

The acquisition also marks the fund’s 16th purchase nationwide in the past four years, a total of more than 4,000 apartment units, according to a company news release. In the past six months alone, the company spent over $100 million on multi-family assets.

Aragon Holdings will continue to expand its portfolio with the acquisition of multi-family properties in cities that have positive job and population growth, said Larry Clark, president of Aragon Holdings, in a news release.

According to a recent Marcus & Millichap report on San Antonio’s apartment market, investors are attracted by the city’s multifamily properties due to their comparatively attractive returns. Due to limited construction last year, large investors are targeting 1990s to early-2000s product. Additionally, transaction velocity rose more than 10 percent over the past 12 months, driven by stronger sales in the 100- to 200-unit and 300-plus-unit segments.

Photo courtesy of Aragon Holdings

Chart courtesy of Marcus & Millichap

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Nationwide Insurance Opens Fortified for Safer Business Campus

By Camelia Bulea, Associate Editor

Nationwide Insurance officially opened its new campus in Westover Hills, making it the first-ever FORTIFIED for Safer Business campus in the United States. The 280,000-square-foot sales and operations center was built to the Institute for Business and Home Safety’s disaster-resistance standards, meaning it is able to withstand disasters such as hurricanes, wildfires and windstorms.

Additionally, the facility achieved a Leadership in Energy and Environmental Design certification, meeting LEED standards for water and electricity usage, waste management, tree preservation, use of natural light and ergonomic design of work spaces, according to the San Antonio Business Journal.

The facility is already home to nearly 1,500 Nationwide workers, and will be able to house 500 more employees, for which the company is currently hiring, according to a company press release. Employees will be able to enjoy an on-site high-tech café, providing a variety of fast and casual restaurant options, as well as health services, a fitness center, an outdoor sports court and landscaped courtyards with walking paths.

Meanwhile, CyrusOne opened its newest, 80,000-square-foot facility in San Antonio, the first enterprise-class multi-tenant data center in the Alamo City. The location was mainly chosen because of the city’s low-cost power and relatively disaster-free geography, according to Gary Wojtaszek, president of CyrusOne.

According to an official statement by the data center provider, the new facility  protects customers’ IT equipment by providing military-grade security, reliable power and connectivity in the raised-floor areas where equipment is housed and in the Class A office space.

Of the company’s 17 U.S. data centers, 10 are located in Texas, with four in Dallas, three in Houston, two in Austin and the newest one in San Antonio.

Photo rendering of Houston West Data Center, courtesy of CyrusOne

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M&G Finalizes Land Purchase for PET, PTA Plants in Corpus Christi

By Camelia Bulea, Associate Editor

Italy-based M&G Group has purchased land in Corpus Christi on which to build the world’s largest integrated polyethylene terephthalate (PET) plant. The entire M&G industrial complex in Texas will comprise a 1 million-tons-per-annum PET plant and an adjacent 1.2 million-tons-per-annum terephthalic acid (PTA) plant, according to a company statement.

Financial terms were not disclosed, but the investment is expected to generate as many as 3,000 construction jobs and support 250 direct and 700 indirect jobs.

Downstream Today reports that an important factor for choosing this location instead of other possible sites in Louisiana and Mississippi was the city’s proximity to the oil and gas discoveries in the Eagle Ford Shale. The company selected the site for the two plants back in July 2011.

The two plants will be built within the Port of Corpus Christi, currently the sixth-largest port in the United States in terms of tonnage. According to the Corpus Christi Port Authority, the port is currently expanding to become a major trade gateway for Mexico and Latin America. Additionally, a major rail expansion was announced to support anticipated growth in port traffic, according to Downstream Today.

M&G officials say that groundbreaking for the complex is expected to occur by the end of 2013, while production could begin in late 2015.

A CBRE report on the San Antonio industrial market indicates that the Eagle Ford Shale continues to be the major catalyst for the San Antonio economy and construction industry. According to a study done by the University of Texas at San Antonio’s Institute for Economic Development, the Eagle Ford Shale will create 117,000 jobs by 2021, while attracting more energy-related companies to the area.

Photo rendering of the M&G Group Apple Grove PET Plant

Chart courtesy of CBRE

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UT, Vanguard to Develop $350M Children’s Hospital

By Camelia Bulea, Associate Editor

The University of Texas Health Science Center at San Antonio was authorized to execute an agreement with Vanguard Health Systems, according to which the two parties will co-develop a state-of-the-art children’s hospital in the Alamo City.

The proposed $350 million, 250-bed facility, funded by Vanguard, will be designed and built specifically for children’s most pressing medical needs, anchoring a network of clinics that provide access to top pediatric care throughout the region, according to an official statement by the University of Texas System.

Nashville-based Vanguard will partner with the Children’s Hospital of Philadelphia (CHOP) on the project. The UT regents considered three proposals but unanimously decided that Vanguard’s would best serve the needs of patients and families in South Texas, reports the San Antonio Business Journal.

The new hospital will be located next to the Health Science Center’s Medical Arts & Research Center and other research facilities, such as Greehey Children’s Cancer Research Institute, the Center for Oral Health and Research, the South Texas Research Facility, the McDermott Research Imaging Center and the Cancer Therapy and Research Center.

The San Antonio Medical Foundation is providing 15 acres for the new facility.

Vanguard owns the Baptist Health System, which operates five hospitals in San Antonio and is building a sixth in New Braunfels.

San Antonio will also be home to another important children’s hospital project, which is being developed by Christus Santa Rosa Health System. Christus plans to spend about $135 million to transform its downtown campus into the Children’s Hospital of San Antonio. The San Antonio Business Journal recently reported that the new Christus children’s hospital would be completed within 24 months.

Photo rendering of Vanguard’s North Central Baptist Hospital, courtesy of www.stoneoakinfo.com

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New $45M Teaching Center Gets Green Light

By Camelia Bulea, Associate Editor

The University of Texas System Board of Regents authorized the building of a $45 million academic learning and teaching center at the UT Health Science Center San Antonio. In an official statement, Kenneth Kalkwarf, D.D.S., M.S., president ad interim of the Health Science Center, said the necessary funding would come from permanent university fund bond proceeds.

The 125,000-square-foot center will include a state-of-the-art gross anatomy teaching facility that is needed to train medical, dental, nursing and health profession students. It will also help relieve the Health Science Center’s nearly half-million-square-foot space deficit by providing additional classroom space and lecture halls.

The Board of Regents also approved design plans for the Center for Oral Health Care at the MARC project, a dental school clinical building that will require $95 million to construct. The 198,000-square-foot building will be constructed right next to the MARC, the flagship patient care facility of UT Medicine San Antonio, according to the news release.

Plans call for approximately 172,000 gross square feet on four levels and a 450-car parking garage. The building will be constructed using cost-effective methods, similar to the MARC and other medical structures. The project is expected to be completed by the end of 2014.

The San Antonio Dental School ranks among the top dental schools nationwide, according to the dental education blog Top Ten Nation.

In other news, San Antonio Lighthouse for the Blind officials began construction on a new 60,000-square-foot multi-purpose facility on the city’s South Side, according to the San Antonio Business Journal. Built on Eads Street, just around the corner from the Lighthouse’s existing 60,000-square-foot facility on Roosevelt, the new facility will support about 100 new jobs for people who are blind. The facility is expected to be completed by the fall of 2013.

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North San Antonio Welcomes New Golf, Garden Home Community

By Camelia Bulea, Associate Editor

Austin-area homebuilder Jimmy Jacobs Homes has unveiled a new model home in new community the Fairways at River Crossing, in North San Antonio.

During the ribbon-cutting ceremony, the developer presented a small, gated community of 45 home sites in Spring Branch. Prices for the garden homes start at $190 and are situated on comfortably sized home sites offering community-maintained landscaping, according to an official statement. Residents will be able to enjoy direct golf cart access to River Crossing’s award-winning, private 18-hole golf course.

In addition to the championship course, the community features a clubhouse with golf shop, luxurious locker rooms with fireplaces and TVs, and a private dining room. A new family activity center provides abundant entertainment for all ages, featuring a resort-style pool with grotto, an outdoor café, a fully equipped weight room and a fitness center that holds a variety of weekly classes for members, according to a press release.

The parent company, Jimmy Jacobs Custom Homes, builds custom homes in master-planned, waterfront and country club communities around New Braunfels and Austin, according to the San Antonio Business Journal.

Meanwhile, a new healthcare center that provides skilled nursing care and rehabilitation services to seniors has recently opened in Northeast San Antonio. The San Antonio Business Journal reported that the new facility, called TRISUN Care Center Lakeside, consists of 42,000 square feet of space and has been equipped with 120 skilled nursing and rehab beds. The staff reportedly will include 115 part-time and full-time employees.

The developers of the new facility are TRISUN and Suntex Development L.L.C., while San Antonio-based Metropolitan Contracting Co. and Austin-based DFD Architects were the design-build team for the new facility, according to the San Antonio publication.

Photo credits: Jimmy Jacobs Custom Homes

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Developers Break Ground on 323-Unit The Residences at La Cantera

By Camelia Bulea, Associate Editor

USAA Real Estate Co. and Cambridge Development Group are set to break ground on a new Class A apartment complex to be called The Residences at La Cantera.

The high-end, urban-style project will feature 323 units and 4,000 square feet of retail space, according to a USAA press release. The property will offer future residents studio to three-bedroom floor plans ranging from 553 to 1,785 square feet, with high-grade interior finishes such as hardwood flooring, stone countertops, technology niches and expansive baths.

The project cost for The Residences will be close to $50 million, and the development is expected to be complete by spring 2014, the San Antonio Express-News quoted USAA executive managing director of real estate investments Bruce Petersen as saying.

The Residences at La Cantera is the first phase of the 150-acre, multi-phase Town Center at La Cantera mixed-use development, which in future phases will include hotel, office, amenity retail and additional multi-family. The first phase will include a three-acre park that will serve as the public heart of the Town Center, featuring a vibrant urban plaza, great lawn, adventure playground, lush wet pond and picnic areas shaded by preserved live oak trees.

Residents will share a spacious clubhouse with a cyber cafe that connects to a resort-style pool and Jacuzzi, a fitness center with separate yoga classroom and a rooftop terrace, fire pit and full outdoor kitchen.

The retail space will be situated on the ground floor of the four-story building. No retail leases have been signed, but Petersen said that possible tenants could include a coffee shop, according to the San Antonio Express-News.

Photo courtesy of USAA Real Estate Co.

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Continental Properties Breaks Ground on The Springs at Stone Oak Village

By Camelia Bulea, Associate Editor

While the single-family housing market in San Antonio attempts to recover from the collapse, the multifamily market is seeing important growth, mainly due to renter demand. With an occupancy rate of 94 percent, San Antonio’s far North Side is rapidly growing in popularity, creating the necessary requirements for a booming apartment market.

One of the multifamily projects currently underway in the submarket is the 360-unit The Springs at Stone Oak Village. The project broke ground in May and is expected to be completed by January 2013, according to the San Antonio Express-News.

Developed on about 28 acres just west of the intersection of Stone Oak Parkway and U.S. 281, the property will feature two-story townhouse-style buildings with studios and one-, two- and three-bedroom units, which will range from 600 square feet to about 1,400 square feet, according to Ian Martin, director of multifamily development for Continental Properties Co., the developer.

Cost for units will range from $750 to $1,440. Each apartment will have granite countertops, walk-in closets, stainless steel appliances, and patios or balconies, according to the property’s Web site.

Another important project in the area is Bulverde Oaks, a luxury complex discussed here last week story. You can read more about it here.

According to a recent report by Marcus & Millichap on San Antonio’s apartment market, the development pipeline in the city has grown to include more than 4,000 units already underway, in addition to 5,400 units the in planning stages (see charts at left). San Antonio’s economic outlook remains bright for the years to come, thanks in part to rising oil and gas production in the Eagle Ford Shale, which will strengthen renter demand in southern submarkets, along with other parts of the metro that host ancillary businesses.

Charts courtesy of Marcus & Millichap

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Bulverde Oaks Luxury Complex Breaks Ground in North San Antonio

By Camelia Bulea, Associate Editor

Teeple Partners Inc. announced the groundbreaking of a new luxury complex, called Bulverde Oaks, in North San Antonio. The developer will build a 328-unit apartment complex with amenities include private attached garages, granite countertops in kitchens and bathrooms and wood-style plank flooring.

The complex will have a mix of one-, two- and three-bedroom units. It is slated to be finished by March 2013.

Dallas-based Hensley, Lamkin, and Rachel is the project architect. Catamount Constructors is the general contractor. Construction financing is being provided by Plains Capital Bank, N.A, as reported by the San Antonio Business Journal.

The location–north of Loop 1604 on Bulverde Road–is marked by increasing growth in population, households, occupancy levels and income, among other demographics. It was chosen due to the nearby Bulverde Creek Elementary School, a new middle school that is currently under construction, and Johnson High School, according to the San Antonio Business Journal. The new housing project will serve employees working at Pearson, Tesoro Corp., Chase Bank, Clear Channel Communications, North Central Baptist Hospital, Stone Oak Methodist Hospital, Yantis Co. and Wells Fargo Bank, according to a master plan presentation by First American Commercial Property Group.

Spanning 158 acres, the Bulverde Oaks West tracts front almost the entire length of Bulverde Road from Loop 1604 to Evans Road. Bulverde Oaks East encompasses multiple tracts along both sides of Loop 1604, between the O’Connor Road and Judson Road freeway access ramps.

Developer Teeple Partners, with offices in San Antonio and Austin, has been developing primarily in Austin and has just recently embarked on new redevelopment and multifamily projects in San Antonio, according to its Web site.

For more news from San Antonio, click here.

Chart courtesy of www.city-data.com

Harbert Buys Lockhill Selma Office Property in San Antonio

By Camelia Bulea, Associate Editor

Harbert United States Real Estate Fund IV L.P. announced the acquisition of 4350 Lockhill Selma, a three-story, 116,545-square-foot Class A office building in San Antonio. Additionally, the company bought the adjacent land parcel, on which it plans to develop a second phase.

Financial terms were not disclosed.

Travis Pritchett, managing director of HUSREF IV, asserted in a company news release that “4350 Lockhill Selma is a well-located, quality asset in one of San Antonio’s strongest submarkets.”

“We see an opportunity to create value by maintaining current occupancy, renewing the existing tenants and developing a second phase,” Prichett added.

The property is 100 percent occupied, with in-place rental rates below market rental rates.  It is situated on a 10-acre lot that fronts Lockhill Selma Road, which is a popular alternative artery to I-10, and is located among several of San Antonio’s most desirable neighborhoods.

According to Citybizlist.com, Dallas-based Stream Realty Partners L.P.’s San Antonio team has been kept in place to lease and manage the building, located in the Northwest submarket near the Interstate 10 and Loop 1604.

The Harbert real estate fund has owned, developed and managed multifamily, office, industrial, retail and self-storage properties throughout the United States. This is the second office acquisition that the company has made recently, as HMC also bought 1800 Bering, a 177,000-square-foot office building in Houston.

A recent market report published by Marcus & Millichap shows that the San Antonio office market will demonstrate a sustainable recovery in 2012, due primarily to the surge in Class A demand that began late last year. The report also indicates that favorable market conditions will support an increase in sales velocity through 2012 as private investors continue to buy discounted assets.

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TSU Taps Contractors for $9M Campus Renovation

By Camelia Bulea, Associate Editor

Texas State University has selected Houston-based Satterfield & Pontikes Construction Inc. as construction manager for a $9.3 million project in San Antonio. The firm will oversee the renovation of a 37,500-square-foot psychology building, according to the San Antonio Business Journal. Work is scheduled to start next spring.

The scope of work includes modifications to the building’s HVAC, electrical, plumbing and telecommunications systems, as well as upgrades to classrooms, offices and research labs.  Randall Scott Architects is the project architect.

This represents the first education project in San Antonio for Houston-based Satterfield & Pontikes. Other campus projects completed by the company include:

• $105.6-million Texas A&M Health Science Center New Campus (Phase I) in Bryan;
• $22.2-million renovation and additions to Texas Woman’s University science building in Denton;
• $18.9-million project at Texas A&M University – Corpus Christi College of Business.

In other news, a recent study contends that the Eagle Ford Shale region will require significant investment in housing stock, public service, infrastructure and public utilities in order to accommodate the influx of new residents in the next 10 to 15 years, the San Antonio Business Journal  reports.

The Eagle Ford Shale Strategic Housing Analysis  indicates that the region is one of the most significant oil and gas finds in Texas history, and it has attracted an influx of transient and permanent workers from across Texas and the nation. This is generating increasing demand for more market-rate housing, as well as affordable temporary, mobile and rental housing, the study argues.

Rendering of Texas A&M University project in Corpus Christi courtesy of Satterfield & Pontikes Inc

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Air Force Opens Dental School; Contractor Selected to Build Helotes Walmart

By Camelia Bulea, Associate Editor

The U.S. Air Force opened a $38 million dental school in San Antonio.

The dental school and clinic consists of 56,000 square feet of space and has 69 treatment rooms, 5,400 square feet of lab space and 125 assigned personnel, according to the San Antonio Express-News.

The San Antonio Business Journal reported that the facility is replacing the aging MacKown Dental Clinic and will house the Air Force’s Maxillofacial Prosthetics Fellowship program, which allows technicians to create facial prosthetics to help wounded soldiers with burns and injuries. It offers six residency programs and two fellowship programs that can train 74 dentists at a time.

The Air Force Postgraduate Dental School is part of the 59th Dental Group — the largest dental service in the military. The service treated more than 126,000 patients last year at clinics at local military bases and at San Antonio Military Medical Center.

Meanwhile, Satterfield & Pontikes Construction Inc. was selected to build a 159,000-square-foot Supercenter Walmart in Helotes. The San Antonio Business Journal reported that the design services for the $10 million project were provided by architectural firm Scott & Goble.

The store is being constructed on a wooded 18-acre site and will feature more trees, less signage and architecture in keeping with Helotes, such as a brown limestone exterior and metal roof canopies, according to Texas Business. The construction work is proceeding under an accelerated schedule, with the facility scheduled to open early next year.

S&P and Walmart have an important collaboration, with S&P having built and renovated more than 30 Supercenters. S&P’s projects for Walmart exceed $250 million and comprise more than 6 million square feet of space.

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Maxim Invests $65M to Expand San Antonio Facility

By Camelia Bulea, Associate Editor

Maxim Integrated Products Inc., a Fortune 1000 semiconductor company headquartered in Silicon Valley, will invest approximately $65 million to expand its semiconductor fabrication facility in San Antonio.

Purchased in 2003 from Philips Semiconductors Inc., the 380,000-square-foot facility will also undergo an equipment upgrade as part of the same investment, according to a company news release.

“The quality of our employees and San Antonio’s business-friendly approach made it easy for Maxim to decide to grow its footprint in this community”, said Chris Michael, Managing Director of Maxim’s San Antonio facility.

Maxim was recently recognized by the San Antonio Water System with a “Refreshing Ideas Award” acknowledging its effective methods to reduce water consumption. Maxim’s “Quadruple Dividends” project helped the company save 55 million gallons of water annually through changes such as condensation harvesting, third-stage reverse osmosis and analytical reclaim, according to the news release.

The $65 million expansion of the fab facility is part of the company’s $200 million multiyear investment to upgrade its U.S. manufacturing facilities in Oregon, Texas and California. This investment is consistent with previously disclosed estimates for capital expenditures in Maxim’s fiscal years 2012 and 2013.

Meanwhile, Kinetic Concepts Inc. officially opened its new 100,000-square-foot headquarters building at 12930 Interstate 10 West, according to the San Antonio Express – News. The new, smaller building is expected to be more energy efficient and to house 300 employees. The remainder of the approximately 1,700 employees will occupy four other buildings in the city. In the previous office, the company occupied 170,000 square feet of office space.

Photo credits: PR Newswire

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Slate Creek Apartment Complex Ready for Residents

By Camelia Bulea, Associate Editor

Slate Creek at Westover Hills, a joint development by locally based firms Hurd Urban Development (HUD) Ltd. and Embrey Partners, has recently opened for residents. The 241-unit complex is located on 14.86 acres in the master-planned community Westover Hills.

The Class A community includes amenities like a dog park, a fitness facility, two resort-style pools and private back yards, according to the San Antonio Business Journal. But things were not as good for the project as the property was declared bankrupt. Only in March of 2010, when purchased from bankruptcy by HUD, the project gained new momentum and continues construction works.

When saved by HUD (Hurd Enterprises Ltd), the development meant 14.86 acres of raw land and 19 existing townhomes. Those townhomes range in size from 1,999 to 2,157 square feet, while the other 222 apartments range in size from 622 to 1,089 square feet. The apartments are a mix of one, two and three bedroom units that are now ready for rent. The Slate Creek dedicated website reports that rents range from $805 to $1,900 a month.

Another residential project, this time located in downtown Austin, is to be developed by San Antonio-based LYND in partnership with Austin-based Endeavour Real Estate Group. The joint venture has secured the financing for a 36-story, luxury apartment tower, known as 3 eleven Bowie.

The project will consist of 59 luxury rental apartments, 42,000 square feet of office space and 3,000 square feet of street level retail. Apartment units will range from 427 square feet of 2,405 square feet, according to the San Antonio Business Journal. Construction on the high-rise project is slated to begin in the third quarter of 2012 and should be completed in 24 months.

Photo credits: www.liveatslatecreek.com

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Will City Council Grant $5M to Blue Star Phase II Project?

By Camelia Bulea, Associate Editor

The project that could redevelop the Big Tex site is closer to reality after years of financing problems. The San Antonio city council is currently weighing the possibility of offering an incentive package of more than $5 million to revitalize the project.

The development on the 7.5-acre riverfront property is expected to cost upward of $42 million, according to project developer NRP Group L.L.C., according to the San Antonio Express-News. Known as Blue Star Phase II, the project includes 320 market-rate residential units, live/work space, 6,000 square feet of retail space and structured parking.

If the incentives are approved, Dan Markson, senior vice president at NRP Group, said that construction would begin in the first quarter of 2013.

The city council is expected to vote on a package of fee waivers that would total almost $5.1 million, as follows:

• a 10-year tax abatement worth $2.3 million;
• a Chapter 380 grant for as much as $750,000;
• an Inner City Incentive Fund Grant of $1.28 million;
• plus other fee waivers.

Meanwhile, Corpus Christi is home to a brand-new bridge. The Corpus Christi Harbor Bridge has come alive with a new advanced LED lighting system from Philips Color Kinetics. According to a news release from Royal Philips Electronics, the 60-year-old bridge, spanning 620 feet and sitting 138 feet above the ship channel, was built in the 1950s. The new lighting system is not only energy efficient, it can be easily programmed to create different light shows, helping to boost tourism, one of the city’s main sources of income.

Funding for the project came from the Texas Department of Transportation, the Port, the city of Corpus Christi and a generous donation from American Bank.

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Texas Biomedical Research Institute Breaks Ground on 70,000-SF Lab Complex

By Camelia Bulea, Associate Editor

The Texas Biomedical Research Institute has broken ground on a 70,000-square-foot complex that will house 15 research laboratories.

The $26.5 million building will provide eight laboratories for the institute’s federally designated Southwest National Primate Research Center (SNPRC), which conducts research on tuberculosis, heart disease, diabetes and AIDS, according to the San Antonio Express-News.

The new complex is intended to consolidate the existing laboratories, which are currently housed in multiple buildings across the campus, according to the San Antonio Business Journal.

According to Kenneth Trevett, the organization’s president & CEO, the construction of the two-story facility–named after Earl Slick, the brother of the institute’s founder–is part of the first phase of a 25-year master plan that has been in the works for about a decade, the San Antonio Express-News reported.

The second phase is expected to be started in the next five years and will include the construction of an animal procedure holding area and renovations to about 530,000 square feet of existing buildings.

To date, the institute has raised about $30 million for the master plan; another $11 million is expected to be raised by 2014, according to institute officials. The entire sum came from donations.

San Antonio-based Lake|Flato Architects and Houston-based FKP Architects are the designers; the builder is Houston-based Vaughn Construction.

Meanwhile, Baptist Health System is set to begin construction on a new emergency hospital in suburban San Antonio. Emerus Hospital Partners L.L.C. will build the 40,000-square-foot facility. Construction of the medical facility is valued at more than $10 million, according to the San Antonio Business Journal.

Image: Founder of the Texas Biomedical Research Institute, Thomas Baker Slick Jr.

BC LYND Hospitality Buys 103-Year-Old Hotel

By Camelia Bulea, Associate Editor

BC LYND Hospitality has bought an historic hotel in downtown San Antonio. The 103-year-old hotel, called the St. Anthony Hotel, will undergo about $24 million in renovations.

BC LYND is a joint venture of LYND and BC Commercial Partners L.L.C. The property represents the first significant acquisition that the joint venture has made since formation, according to the San Antonio Business Journal.

The St. Anthony hotel was built in 1909 as the first luxury hotel in the city. A year later, the hotel doubled its capacity to 430 beautifully furnished rooms. It has been financially unstable for more than two years.

In addition to its amenities and elegant décor, the hotel offers a great location, as it is within walking distance of the San Antonio Convention Center, Paseo del Rio Riverwalk, Rivercenter Mall, Alamo and La Villita.

Meanwhile, RioCan expects to pay $7.8 million for a 90 percent non-managing interest in the Ingram Hills Shopping Center in San Antonio. The acquisition is part of its RC Sterling Joint Venture, according to Citybizlist.com.

Ingram Hills is an 80,307-square-foot infill grocery-anchored neighborhood retail center located nine miles northwest of downtown San Antonio. The retail property is 100 percent leased. Ingram Hills was built in 1978 and was renovated in 2003. The property is anchored by grocer La Fiesta. Other tenants include Dollar General, Little Caesars, Chase Bank, Subway and T-Mobile.

The Canadian trust also announced the acquisition of an 80 percent interest in the retail portion of Montgomery Plaza on West Seventh Street in Fort Worth this week. The two Texas purchases will total $62.2 million.

Photo credits: www.thestanthonyhotel.com