TheWriter
10-09-2005, 11:22 PM
Investment group eyes office, multifamily uses for I-10 tract
Tricia Lynn Silva
While much news has been focused on the retail development shaping up along the Interstate Highway 10/Loop 1604 corridor, an investment group with its own stake in the area is looking at some other development avenues as well.
A family owned entity out of Mexico called Galleria Ventures Ltd. has hired locally based Drake Commercial Group LLC to add some additional thunder to a 400-acre tract along the southeast quadrant of the I-10/1604 intersection in Northwest San Antonio.
Early plans call for a mix of multifamily and office development, according to Drake Commercial President Deborah Bauer.
Galleria's land has already garnered some attention thanks to Aventura, Fla.-based Turnberry Associates. In May, Turnberry and fellow South Florida developer CABI Associates announced plans for 100 acres of land that Galleria owned. The land they have sits at the southeast corner of I-10 and 1604. The two firms, in cooperation with Galleria, plan to create a 1 million-square-foot power center called Regal Hills.
Diverse use
Bauer says that she is seeing a lot of interest in the remaining 300 acres that Galleria Ventures is looking to develop.
Drake and Galleria have earmarked about 30 acres in the site -- located at the intersection of Vance Jackson and UTSA Boulevard -- for a new apartment community. Meanwhile, other portions of Galleria's land are being master-planned for some high-end residential development, including high-rise condominiums and some townhomes or garden homes.
Galleria and Drake are also working together to plot out several office projects for the I-10/1604 tract.
Having marketed several high-end developments in North San Antonio, Bauer feels that Galleria's land is ripe to bring in garden offices -- smaller buildings that would range in size from about 6,000 to 12,000 square feet. These offices would be targeted to professionals who live in the area and want to own their work space, she adds. The site could also be ideal for a new high-rise office for Northwest San Antonio.
"The site is large enough and certainly has the fabulous views that would serve for both types of projects," Bauer says. "Office buildings are going to become extremely popular in this area. You have a lot of retail going in and people living in this area. They will want to work in this area, too."
That new retail development, of course, includes Turnberry's Regal Hills shopping center. The firm hopes to begin announcing some names for the project soon -- hopefully before October is over, according to Jim Gdula, director of development for Turnberry.
Regal Hills will be located near two of the city's most talked-about retail centers: The Shops at La Cantera and The Rim.
The Shops at La Cantera, which opened its doors last month, is a 1.3 million-square-foot center at the northwest quadrant of Loop 1604 and I-10 -- cater-cornered to Regal Hills. The Rim is a 1.5 million-square-foot lifestyle center that will be located at the northeast corner of the Loop 1604/I-10 intersection -- just on the other side of Loop 1604 from Turnberry's project.
http://sanantonio.bizjournals.com/sanantonio/stories/2005/10/10/story7.html
Tricia Lynn Silva
While much news has been focused on the retail development shaping up along the Interstate Highway 10/Loop 1604 corridor, an investment group with its own stake in the area is looking at some other development avenues as well.
A family owned entity out of Mexico called Galleria Ventures Ltd. has hired locally based Drake Commercial Group LLC to add some additional thunder to a 400-acre tract along the southeast quadrant of the I-10/1604 intersection in Northwest San Antonio.
Early plans call for a mix of multifamily and office development, according to Drake Commercial President Deborah Bauer.
Galleria's land has already garnered some attention thanks to Aventura, Fla.-based Turnberry Associates. In May, Turnberry and fellow South Florida developer CABI Associates announced plans for 100 acres of land that Galleria owned. The land they have sits at the southeast corner of I-10 and 1604. The two firms, in cooperation with Galleria, plan to create a 1 million-square-foot power center called Regal Hills.
Diverse use
Bauer says that she is seeing a lot of interest in the remaining 300 acres that Galleria Ventures is looking to develop.
Drake and Galleria have earmarked about 30 acres in the site -- located at the intersection of Vance Jackson and UTSA Boulevard -- for a new apartment community. Meanwhile, other portions of Galleria's land are being master-planned for some high-end residential development, including high-rise condominiums and some townhomes or garden homes.
Galleria and Drake are also working together to plot out several office projects for the I-10/1604 tract.
Having marketed several high-end developments in North San Antonio, Bauer feels that Galleria's land is ripe to bring in garden offices -- smaller buildings that would range in size from about 6,000 to 12,000 square feet. These offices would be targeted to professionals who live in the area and want to own their work space, she adds. The site could also be ideal for a new high-rise office for Northwest San Antonio.
"The site is large enough and certainly has the fabulous views that would serve for both types of projects," Bauer says. "Office buildings are going to become extremely popular in this area. You have a lot of retail going in and people living in this area. They will want to work in this area, too."
That new retail development, of course, includes Turnberry's Regal Hills shopping center. The firm hopes to begin announcing some names for the project soon -- hopefully before October is over, according to Jim Gdula, director of development for Turnberry.
Regal Hills will be located near two of the city's most talked-about retail centers: The Shops at La Cantera and The Rim.
The Shops at La Cantera, which opened its doors last month, is a 1.3 million-square-foot center at the northwest quadrant of Loop 1604 and I-10 -- cater-cornered to Regal Hills. The Rim is a 1.5 million-square-foot lifestyle center that will be located at the northeast corner of the Loop 1604/I-10 intersection -- just on the other side of Loop 1604 from Turnberry's project.
http://sanantonio.bizjournals.com/sanantonio/stories/2005/10/10/story7.html