Sabot selling Pearl District parcel
Seeking buyer to follow through with San Antonio multifamily project as planned
Acreage adjacent to the famous Pearl District in San Antonio is up for grabs.
Sabot Development is selling the property at 1216 East Elmira Avenue — the site of a planned 10-story, mixed-use development called the Mira, the Austin Business Journal reported. Robert Arzola and Joe Dowdle of JLL are marketing the property.
Austin-based Sabot acquired the 1.55-acre tract in 2020 with the help of a $6.5 million loan from Guaranty Bank & Trust, according to Bexar County records. The previous building was demolished shortly after design for the project was approved, and construction was supposed to begin early 2022.
The Mira was slated to have 299 apartment units, almost 12,000 square feet of retail and 426 parking spaces, the outlet reported. Sabot Development received multiple inquiries from players wanting to form a partnership or acquire the land outright, the firm’s Jim Young said.
“Given just how awesome the project is and how great the location is, I think there’s a lot of other people that want to develop this project,” Dowdle told the outlet. “So we’re going to go try to get one of them.”
The firm is looking to land a buyer who aims to follow through with the Mira as planned. Young may remain involved with the development in a lesser role and is open to ideas on deal structure.
“The site presents a once-in-a-lifetime opportunity for a developer to make a positive impact on our city,” Arzola told the outlet.
The Elmira property is highly sought after given the popularity of the historic Pearl District. A mixed-use development near the San Antonio Riverwalk, it is centered on the 1888-built Pearl Brewery.
Sabot purchased another nearby property at 1316 Austin Street earlier this year, the outlet said. The firm took out an $852,000 loan from Hornet Capital to help finance that acquisition.