Feature Illustration: Architectural rendering of elevations for the new construction for The Arbors at West Avenue. Source: GNB
Posted: 12-7-2021
by Adolfo Pesquera
San Antonio (Bexar County) — The San Antonio Housing Trust board of directors authorized the closing on the acquisition of The Arbors at West Avenue and ordered the issuance of bonds to finance the rehabilitation and reconstruction project.
The SAHT took action today, Dec. 7, on what is a hybrid project that involves the merger of two adjacent apartment communities–West Avenue Apartments and Arbor Place. The 84 units of Arbor Place, because of their condition, are to be demolished and three new buildings will rise up in their place.
The 150 units currently known as West Avenue Apartments will be rehabilitated. Combined, they will provide 234 affordable units; this is a mixed-income project.
- 33 units to rent at 80% of the area median income (AMI)
- 60 units to rent at 60% of AMI
- 124 units to rent at 50% AMI
- 17 units to rent at 30% AMI
The properties have already been replatted into one tract with the address 3747 West Ave.
As reported in this VBX Sept. 30, 2020 article, the SAHT agreed in principle to provide $25 million for the project. Subsequently, the developer, Prospera Housing Community Services, applied to the Texas Department of Housing and Community Affairs for a 4% housing tax credit to complete its financing.
However, the full application to the TDHCA was not turned in until Sept. 3 and the TDHCA Governing Board is scheduled to approve the application Thursday. The SAHT board also had to act now because the real estate has been under contract since April 6 and there was a Dec. 31 deadline to complete the transaction.
SAHT executive director Pedro Alanis informed the board that Prospera HCS has dedicated $2.5 million as temporary relocation funds and has staff in place to assist residents with relocation while their units are being rehabilitated or replaced.
The total housing development cost has been estimated at $51,642,502. However, the estimated building construction cost is $16,465,449. That does not include an estimated $3,100,269 for site work (includes demolition), or $811,092 for landscaping, pool and decking, the athletic court, playground and fencing.
The project site has a total area of 10.27 acres. The rehab site is 7.78 acres and the new construction will take place on 2.5 acres.
The residential construction totals 218,392 gross square feet; or 207,844 market net square feet. The project includes the laundry/cabana building and mail rooms, but the clubhouse is not within the scope of work.
Prospera’s general contractor is Galaxy Builders Ltd. The architect is Gonzalez Newel Bender Inc. (GNB), and the civil engineer is BC&E LLC.
adolfo@virtualbx.com
