San Antonio’s largest university is growing, and it’s looking to plant another stake in the city’s growth.
The University of Texas at San Antonio wants a developer to transform 28 acres of university-owned land near its Park West campus.
The site, at the intersection of North Loop 1604 West and Kyle Seale Parkway, has one 6-acre tract on its east side, and just over 22 acres on its west side.
Its frontage on two busy traffic corners positions it for mixed-use development, according to a request for proposals, which is being marketed by Mark Krenger, Nina Farrell and Connor Russell of JLL.
The university is looking to promote “density, amenities and activity for the benefit of the community and UTSA,” the RFP said. The developer would be responsible for designing, building, financing, operating and maintaining the development over the life of a ground lease.
UTSA’s freshman class set a record for enrollment last fall, with 3 percent enrollment growth from 2022, totaling nearly 35,000 undergraduate and graduate students. The northwest submarket is growing as well. The population in the 5-mile area surrounding the site has grown an estimated 10 percent since 2019, according to JLL.
The development area has a relatively wealthy population. The city’s northwest subdivision’s median household income is approaching $82,000, which is 24 percent higher than the rest of Bexar County, where the median household income is a little under $66,000, Census data shows.
Demand for multifamily housing in the area is expected to increase, and there are gaps in the local retail market. Grocery stores, a pharmacy, restaurants, bars and a gym are needed, according to JLL.
A potential developer will have the freedom to develop as they see fit, with the university allowing them to take the wheel and produce revenue according to market demand.
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The university didn’t specify the lease’s terms or duration, but it’s optimistic about finding developers who share their long-term vision for the site. The university wants to see the “shortest [lease] that is reasonably financeable” for the proposed project — striking a balance between a short lease term and financial viability for developers, JLL’s Nina Farrell said.
The RFP’s deadline is 2 p.m. on Aug. 14.