Cohen-Esrey Development is planning to break ground on its $55 million mixed-income apartment in San Antonio, which has been named the Lofts at Creekview Apartment. The Kansas City-based developer will execute the Lofts at Creekview Apartment project through a public-private partnership with the state, which will ensure access to financial aid and support from the state.
Financing the Lofts at Creekview Apartment project
The San Antonio Housing Trust Public Facility Corp authorized a deal that offers tax-exempt bond financing worth up to 60 million for the entire cost of the development, which includes land acquisition, construction and furnishing of the new Lofts at Creekview Apartment community. In return, the local housing agency would have ownership of the real estate outright, and also control operations and services. Cohen-Esrey plans to close the deal in 30 days and estimates that construction would be completed within 14 to 18 months.
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Located at 3623 E. Commerce Street, between Interstate 10 and Salado Creek on, this mixed-income Lofts at Creekview Apartment will be developed on 12.5 acres of a wooded lot, near the Red Berry Estate in San Antonio. The 4 story apartment complex will consist of 301 apartments that feature a variety of housing options ranging between 32 studio apartments, 250 one-bedroom units, 104 two-bedroom units, and 15 three-bedroom units. This housing development is targeted at families and young professionals and it will also feature a covered parking lot, a pool, two courtyards, two elevators and a playground.
Lofts at Creekview Apartment project Designs
The Lofts at Creekview Apartment project building designs from Alamo Architects, show that the 4 story Lofts at Creekview Apartment will be developed as an irregular-shaped building. Also on the North-side of the Lofts at Creekview building proximal to the creek, there are plans to include a garden as a buffer to the north parking lot and a trail connection to Salado Creek. In addition, the parking lot will have a vehicle capacity of about 450 vehicles. These plans were designed to address the construction challenges emanating from the contaminated soils around the north end.
Cohen-Esrey Construction Technologies LLC, a general contractor of the Cohen-Esrey Group will build the Lofts at Creekview Apartment in partnership with a local construction company; while Amir Namakforoosh of Southtown Engineering will serve as the civil engineer for the project; and Caleb Etheredge of the San Antonio-based Coral Studio will be the landscape architect.
