A local developer can continue its delayed plan to build 300 apartments in San Antonio.
Koontz Corp. secured permits to redevelop the former Regal Fiesta Stadium 16 movie theater site, in the Fiesta Trails shopping center, into an apartment complex, the San Antonio Business Journal reported. The 10-acre site is at 12631 Vance Jackson Road.
The developers have begun demolition of the old movie theater and expect to have people moving into the new development in as little as one year, said Thomas Wells, vice president of multifamily development at Koontz.
Koontz bought the site from Houston-based Weingarten Realty with the assistance of a $44.6 million loan from American National Insurance Company.
The four-story apartment complex, which will be called the Savoy, is being designed by architects Garcia + Associates. The building will include a mix of one- and two-bedroom units ranging from 680 to 1,500 square feet. The average rent will be $1,300 for a one-bedroom apartment and $2,300 for a two-bedroom.
The complex will include two swimming pools, a pet park, recreational facilities and a pedestrian path to the adjacent H-E-B grocery store so residents can access the store without driving.
This past summer, Koontz sold the 97 percent-leased Encino Trace Luxury Apartment Homes to California-based SB Pacific Group, only seven months after completing the development. The sale is consistent with the company’s development plan, president and CEO Bart Koontz said.
“We are developers, not operators. Once a project reaches stabilized occupancy and cash flow, assuming favorable market conditions, we sell. It’s the culmination of our development process,” Koontz told The Real Deal at the time.
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— Victoria Pruitt