Upscale La Joya Development - Check it out

[scott]

While I agree with you that the end result of some of these developments are different than the original ideas, Galo has some deep pocket$ backing him. He can get it done.

But they paid a huge price for that corner, and it's going to be very interesting to see what lease rates and pad sites will be going for.

As an aside, the development isn't expected to be fully built out for 8-10 years.

I think it's the huge price for that corner that ends up killing the economics of the deal. The terms they'll need to get may not be feasible, not for what they are planning to build. I can't see millions of sq feet (in aggregate for the whole corner) going for $35-40/ft, especially knowing what other space is going for down 1604.

With that said, if its an 8-10 year vision, then all the discussion it moot because we are a few years away from knowing what the development will really look like. Until then, it's just cool pictures and a nice vision of our city.

[Buddy Holly]

When I say "these properties" I am refering to all the developments on that corner and really within a 1-2 mile radius.

What developments though?

This is your comment.

All the previous owners of these properties had difficulty leasing out space or successfully getting the financial ins utions to buy in to their grand plans and eventually sold to get out.

The only one that sold to get out was Turnberry.

As for what has changed at the former-Turnberry site... how about what hasn't changed: they still are asking too much, asking for national concerns only, and not getting the kind of committments they'd like. The developer may tell you everything is fine and dandy... but that's the developers job.

Galo and Fulcrum barely bought the land from Turnberry in early June. They haven't even began leasing for it yet you make that statement. wth?

Like I said, this is the best of the four corners at 1604 and 10 geographically, but because they got such a late start it will be tough to get anything significant off the ground.

The hard corner 99-acres wil be a 7-8 year build out of the entire project. With Galo and Fulcrum concentrating on the office and hotel portion of the development first.

In 10-15 years I could see the current vision (which yes, I believe is grand - that's both a compliment and a concern) becoming a reality,

No, you stated that previous projects were "grand plans" and that because of their grandness were unable to be successful. First off, you still have yet to give an actual example of one and two, saying Turnberry's project was a grand plan idea was imo, not true. It was a simple 1 million sq ft power center, which is half the size as the 2 million sq ft power center called The Shops at The Rim.

but right now I think that corner is a little saturated to support such a development. Especially since La Cantera hasn't been the smashing success it was hoped (it's coming along now, but the first shopping season out there did not meet expectations).

Actually, The Shops were a success, second, phase II for the Shops is under construction.

I think the developer (either current or future) will eventually lose patience and building something closer to what I envision (I hope it is something more grand - but not if it is only big box national chains and a bunch of Applebee's on pads).

Yeah, that's why Galo and Fulcrum paid all that money for that land, to build Applebees and Red Robsins on pad sites.

How well do you know the people at Galo Properties and the Fulcrum Group?

More specifically, they'll have trouble attracting the retail because 1) that market just got flooded with a ton of retail with still more coming on with next phases of Rim/La Cantera 2) their requirements for national concerns only - there aren't many left who aren't already in the area, not enough to fill all that square footage.

THEY'RE NOT EVEN LEASING YET... WTF are you talking about?

I think they'll have trouble attracting the office because they are competing with a lot coming online along 1604 and the mix-used office hasn't been an instant success at 281/1604.

UM... SA's office market is quite hot right now and has been so for a while.

I think they'll have trouble attracting the high-end residential because of greater macro trends in the residential segment.

You're right, the 10/1604 area will be a hard sell for high-end residential. Don't tell anyone building $700,000 - $2 million dollar homes in that area.

It's like you believe what you're saying to be true and that you know what you're saying but sorry, you don't.

FINALLY, you are aware that the renderings in this thread and the Galo/Fulcrum project are SEPERATE DEVELEOPMENTS. I can't seem to stress that enough.

[Buddy Holly]

And I believe Galleria Ventures and Drake both had a stake in this corner at one point. Are they the La Joya developers?

Drake Commercial is a land broker, Galleria Ventures owns the land. Drake brokers deal between Galleria and other companies (Turnberry, Galo, Fulcrum, etc) who then go on to develop the land.

In this case, Turnberry bought the land, planned something, nixed it, sold it to with help from Drake to Galo/Fulcrum.

Drake nor Galleria are land developers.

[Buddy Holly]

With that said, if its an 8-10 year vision, then all the discussion it moot because we are a few years away from knowing what the development will really look like. Until then, it's just cool pictures and a nice vision of our city.

Oh jesus, first off, the RENDERINGS IN THIS THREAD are for a different PROJECT seperate from GALO and FULCRUM.

Second, when a developer gives an 7-8 year range of completion, it doesn't mean the look will change, etc. It just means it'll be built in phases. Like the 10/410 interchange. It was a almost 10 year build out but the design never changed. Think of it in that way.

[scott]

I don't understand why you get your panties get in a bunch whenever someone has a different opinion than you.

1) I understand your renderings are for a project different than the former Regal Hills. Like I already mentioned, I am speaking about projects on that corner in general.

2) Who is developing the La Joya project? A simple question.

3) I know a bit about the retail space in this area, because I have to. You can believe me or not on some of my statements - I don't really care. When I say La Cantera wasn't a huge success right off the bat, I am not making up. Yes, I know things. No, I'm not at liberty to share them with you. Again, you can believe me or not. The truth really doesn't depend on anything said on a message board.

4) I realize you get in a huff whenever someone says the sun might not shine on San Antonio. Relax, already.

[Twisted_Dawg]

If it is built, I hope for the first ing time in SA, the roads are wide enough to handle the traffic......not some Stone Oak Parkway joke. And for God sakes, I hope they don't get the road planners from the idiots that did The Rim's roads.

[Twisted_Dawg]

What developments though?

This is your comment.



The only one that sold to get out was Turnberry.



Galo and Fulcrum barely bought the land from Turnberry in early June. They haven't even began leasing for it yet you make that statement. wth?


You're right, the 10/1604 area will be a hard sell for high-end residential. Don't tell anyone building $700,000 - $2 million dollar homes in that area.
It's like you believe what you're saying to be true and that you know what you're saying but sorry, you don't.

FINALLY, you are aware that the renderings in this thread and the Galo/Fulcrum project are SEPERATE DEVELEOPMENTS. I can't seem to stress that enough.

Those houses would feed into Clark HS.....a school rapidly on the way down, despite the wealth of Shavano Park and The Dominion. Now if those houses would feed into the new Brandesis HS, it might work.

[Buddy Holly]

1) I understand your renderings are for a project different than the former Regal Hills. Like I already mentioned, I am speaking about projects on that corner in general.

Yet when I ask you to provide examples you can't.

2) Who is developing the La Joya project? A simple question.

There are a few different developers that are apart of La Joya.

[/quote]3) I know a bit about the retail space in this area, because I have to. You can believe me or not on some of my statements - I don't really care. When I say La Cantera wasn't a huge success right off the bat, I am not making up. Yes, I know things. No, I'm not at liberty to share them with you. Again, you can believe me or not. The truth really doesn't depend on anything said on a message board.[/quote]

Because you work at Valero and have a blog? LOL, a lot of my information comes from people in the industry.

4) I realize you get in a huff whenever someone says the sun might not shine on San Antonio. Relax, already.

Weak come back, well not weak but unoriginal. I'm not in any huff. Quite from it, actually amused, but whatever.

[Buddy Holly]

Those houses would feed into Clark HS.....a school rapidly on the way down, despite the wealth of Shavano Park and The Dominion. Now if those houses would feed into the new Brandesis HS, it might work.

I have no idea what the school boundary situation is with those high schools (and nothing will be confirmed until Brandis opens) but Clark recieved a rating of 80 out of 100.

[scott]

You are right Buddy, I don't know what I'm talking about.

I'll look forward to this project in addition to all the fine others you've told us about over the years.

[Sunshine]

Oh great. Just what we need. More shopping centers and apartments.

How many stores does one city need? I mean....seriously.

[Shelly]

I have no idea what the school boundary situation is with those high schools (and nothing will be confirmed until Brandis opens) but Clark recieved a rating of 80 out of 100.

Brandeis has their proposed boundries up. I doubt much will change. My hood was one of those rumored to change, but we will still be at O'Connor.

http://www.nisd.net/boundaries/23

[Twisted_Dawg]

I have no idea what the school boundary situation is with those high schools (and nothing will be confirmed until Brandis opens) but Clark recieved a rating of 80 out of 100.

Prelim boundaries have been out for 3 weeks now. Everything on the east side of I-10 will go to Clark HS which will include this enitre project. I have a kid that graduated Clark and another still there. The school is declining and does not match up to Churchill, Reagan, or O'Connor.

[PakiDan]

ALL OF YOU ARE INCORRECT!!!


REUTERS
-Neuvo Laredo

Grande Burro Holdings, owner of Boys town Complexes in this city and Ciudad Acuna have announced intentions to acquire a large chunk of real estate located on the south east corner of Interstate 10 and Loop 1604 in San Antonio, TX. Pantufilo Hernandez, Chairman of Grande Burro Holdings announced the intended acquisition should take place in early Fall of 2007. "We are excited about the acquisition of this land and implications it holds for the expansion of our Boys Town enterprise."

In a press release, GBH announced their intentions to use the enormous tract of land as a mixed use development. According to the release, approximately 110 acres directly adjoining Loop 1604 and IH-10 will be used to develop Boys Town San Antonio, the groups third and largest Adult Entertainment Complex. The complex is said to include 8 gentlemens clubs, 110 private rental condos and fourteen cantinas. In order to preserve the feel of the firm's two Mexican complexes, talent will be brought in from the mountainous regions of Mexico, live donkeys and chickens will roam through the property, and Pesos will be accepted. The rest of the development is to include a Mexican themed water park and a boot factory.