Officials with San Antonio developer Bitterblue and Houston-based developer The Morgan Group plan to partner and build a 301-unit affordable multifamily community on the eastern edge of Stone Oak.
The San Antonio Housing Trust Public Facilities Corp. board voted May 23 to approve a partnership agreement with The Morgan Group to help finance the affordable housing project, called The Caroline at Sonterra.
According to a project summary the Morgan Group provided to the housing trust, the $72 million community will be built on a vacant 9-acre tract southwest of the US 281/East Sonterra Boulevard intersection and feature 12 four-story residential buildings.
The Caroline at Sonterra will include a resort-style swimming pool, a fitness center, a business center, a dog park, a pet washing station, outdoor grilling stations and a movie lawn. Residents will have access to a two-story parking garage containing 191 spaces in addition to surface parking.
According to the project summary, the new development will include a mix of one-, two-, and three-bedroom apartment units as well as several townhome units.
Developers said 15 units will be restricted for households earning up to 50% of the area median income, which is $79,100 for a family of three, according to the U.S. Department of Housing and Urban Development.
Developers also said 31 units will be dedicated for households earning up to 60% AMI; 105 units will be allocated for households earning up to 80% AMI; and 150 units will be offered at the market rate.
Developers also said the Caroline at Sonterra will be an energy- and water-efficient community. SAHT officials said, as part of their partnership with The Morgan Group, the developers will ensure some units will be accessible to disabled tenants.
Additionally, the developers will partner with the city of San Antonio’s Ready to Work program to share workforce development opportunities with tenants and will register the new community at Housing Base San Antonio, a database of local affordable housing options.
SAHT officials said another result of their partnership with The Morgan Group is the developer will be exempt from $756,000 in total property taxes, and the company will contribute about $225,750 for emergency tenant assistance.
The developers have yet to furnish a construction timeline or opening date for the new Stone Oak community.