The public transit agency is working with DreamOn Group to redevelop an industrial site on...
Backers have said the project is expected to spark development around it. The redeveloped Scobey complex would include new market rate apartments and high-end offices in an area that has little of either.
Apartments, offices and town homes have been built in and around downtown in recent years, but little development so far has rippled west.The University of Texas at San Antonio’s campus expansion, local developer Weston Urban’s projects in west downtown, San Pedro Creek improvements and the Scobey project could change that — and some residents are concerned about looming gentrification and displacement.
VIA would receive a share of the cash flow from contributing its property. The agency would also get a share of the profit after a certain return threshold is reached. A local government corporation set up by VIA would serve as the general contractor and materials purchased for the project would be exempt from sales tax, Plummer said.
VIA President and CEO Jeffrey Arndt said the agency’s investments in Centro Plaza and its headquarters have led to this point, and Scobey is the ideal location for transit-oriented development. Half of the roughly 100 apartments would be for residents earning up to 80 percent of the area median income. A one-bedroom could be rented for no more than $1,245 per month and a two-bedroom for up to $1,494 per month, Plummer said.
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