Allen Harrison Company plans to add to a massive mixed-use project along the rapidly expanding Interstate 10 corridor between San Antonio and Boerne.
An affiliate of the Houston-based developer has acquired roughly 12 acres in the 118-acre Lemon Creek Ranch development with plans for a multifamily project, the San Antonio Express-News reported.
The Allen Harrison venture borrowed $4.4 million to help fund the purchase, public records show, although it’s unclear how much the entity paid for the site near Old Fredericksburg Road.
Lemon Creek Ranch, which is being marketed by Valcor Commercial Real Estate, is set to include up to 700 residential units; 850,000 square feet of office, retail and restaurant space; 25 acres of parkland; and 5 acres reserved for entertainment activities along the creek.
The only construction underway at Lemon Creek Ranch is a 106,000-square-foot H-E-B grocery store, slated to open in the first quarter of 2024, the outlet said. This will be H-E-B’s third store within a 10-mile stretch of I-10, serving the rapidly growing populations of northwest Bexar and Kendall counties, particularly in Boerne.
The arrival of an H-E-B can often trigger a development boom in the surrounding areas. The San Antonio-based chain is as much of a giant in the grocery industry as it is in real estate, controlling nearly 5 million square feet and leasing space to more than 1,500 tenants.
H-E-B serves as the anchor tenant for a number of large-scale mixed-use projects. In the north Austin suburb of Georgetown, for instance, the 164-acre Wolf Lakes Village will feature a 121,000-square-foot H-E-B store. The company will also have a 100,000-square-foot store in Howard Hughes Corporation’s 11,500-acre Bridgeland Central community.
—Quinn Donoghue
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