The property was acquired by Oxbow in late June from Sabot Development, which had planned a 229-unit residential tower on the site.
The purchase price was not disclosed. The property was last assessed at $4.4 million, according to tax records.from the Historic and Design Review Commission to build Mira, a 10-story, brick-façade residential structure with retail at the street level and a parking garage.according to reports
Austin-based Sabot Development had planned a 10-story residential and retail building on the lot prior to selling it to Oxbow.The number of units has not been determined, but the rental rates will be at a lower price point than anything else at the Pearl, said Bill Shown, Oxbow CEO. “We’re trying to aim for something more affordable than what we’ve done before.”
Residential developments with rental units at the Pearl include The Can Plant, Cellars at Pearl and Southline Residences. San Antonio developers Lynd Living is building The Josephine at 120 W. Josephine St. and Embrey has recently completed the Tin Top apartments at the site of a former Borden Dairy plant.
There’s plenty of demand for housing in the area, Shown said. “I think that San Antonio as a community is so far behind in urban, central city housing,” he said. “When I say behind, I’m talking about other comparable cities. I think that people want to live down here where they can walk to places.”
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