Oxbow seeks investors for first time amid Pearl District expansion

Oxbow Development Group is planting the seeds for a mixed-use development that will expand the bustling Pearl District in San Antonio.

Oxbow, the development arm of Pearl owner Silver Ventures, wants to add 682 apartments, a 166-key hotel, parking garages and about 70,000 square feet of restaurants, bars and office space to the district, on the opposite side of the San Antonio River, the San Antonio Express-News reported. The firm aims to complete the project by the end of 2026, and it needs to raise hundreds of millions of dollars.

Because of financial challenges looming over commercial real estate, such as high interest rates and rising construction costs, Oxbow is seeking investors for the first time. It also plans to seek subsidies from government entities, following the precedent set by Silver Ventures’ redevelopment of the century-old former Pearl beer brewing plant, which received over $49 million in incentives from the city and Bexar County.

The Pearl District is one of San Antonio’s most popular tourist attractions, featuring an array of breweries, restaurants, shopping and entertainment. But just north of the Pearl District, where Oxbow is planning its project, are dilapidated sidewalks and narrow streets.

Part of the project involves public improvements, such as bridges across the river, creating pedestrian-friendly streets and pocket parks to unify the development with the Pearl. 

“All of this is in the vein of connectivity,” Oxbow CEO Bill Shown told the outlet. “What can we do to really stitch everything back together?”

Construction is already underway for the multifamily portion. The first complex, called Coopers Row, will feature 257 apartments and six live-work spaces that can be used as storefronts. 

Oxbow envisions a mix of luxury apartments, commercial spaces and a rooftop bar. However, attracting major retailers such as H-E-B or Trader Joe’s presents challenges, the outlet reported, citing financial viability and competition with existing establishments.

Oxbow’s expansion plans extend beyond the immediate vicinity, with several parcels earmarked for future development. The company has become increasingly selective when acquiring sites.

The Pearl’s revitalization has had a ripple effect on surrounding neighborhoods, igniting a wave of development and causing property values to soar. Notably, the median value of single-family homes within 1 mile of the Pearl skyrocketed from $250,570 in 2019 to  $366,740 in 2023. The median value of commercial properties also soared from $407,350 to $725,360 during that same stretch. 

—Quinn Donoghue 

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