Oxbow Development Group has added to its portfolio near the Pearl district as part of a larger effort to transform the area in downtown San Antonio with an array of projects.
Oxbow, a subsidiary of Silver Ventures, recently acquired land at 1216 East Euclid Avenue from Austin-based Sabot Development, the San Antonio Business Journal reported. JLL’s Robert Arzola and Joe Dowdle brokered the deal.
Terms of the deal were not disclosed, but the land is valued at roughly $1 million, according to a 2023 valuation from the Bexar County Appraisal District.
Near the recently acquired site, Oxbow is at the helm of the Lewellen mixed-use project, a hotel project across the river from Hotel Emma and a multifamily development on East Elmira Street.
Sabot bought the 1.5-acre lot in 2020 with the help of a $6.5 million loan from Guaranty Bank & Trust. The firm acquired the land to build the Mira — a 10-story mixed-use tower slated for 299 apartments, 11,660 square feet of retail space and 426 parking spaces.
The property hit the market in March, and JLL brokers played it up as an opportunity to be a part of the frenzied growth near one of San Antonio’s top tourist attractions in the Pearl.
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Meanwhile, McCombs Properties is embarking on a large mixed-use development next to the San Antonio Museum of Art that will supposedly rival the Pearl district. McCombs bought the 6-acre parcel for $30 million in January, and a new law will allow a special tax district at the site, directing tax revenue toward the project.
—Quinn Donoghue