The gist
Known as the Shavano Park 1604 Public Improvement District, the proposed mixed-use development will sit on 22 acres at the intersection of Loop 1604 and Pond Hill Road. According to city documents, the development will include over 13 acres of commercial property and 5.5 acres of residential property.
Shavano Park 1604 Public Improvement District will include:
- 5.9 acres of retail space
- 3.2 acres for a hotel
- 30-40 townhomes
- 3.6 acres of recreational space
Though the accepted petition earmarks $6 million for the project, public investment is estimated at $4.5 million.
The reason for the change from $4.5 million to $6 million is because these investments are going to happen in the future so expenditures may increase, said David Wright, a developer with Bitterblue Group.
Alderman Maggi Kautz worried the townhomes could cause a financial burden to the city if they did not sell.
Wright said developers are building high-end townhomes with an estimated sales price of $1 million that meet current demands within San Antonio at large.
Shavano Park City Manager Bill Hill compared these townhomes to the nearby development of Pond Hill Villas Garden.
The last Pond Hill Villas Gardens residence sold for over $750,000, so there’s a confidence that this concept, especially at this location, is something not offered anywhere else and there will be a demand for these homes.
The improvement district will generate ad voleram taxes as well as sales tax revenue from the retail sites, Wright said.
What’s next
Shavano City Council will hold a public hearing prior to a vote on the development agreement and the creation of the public infrastructure development on Sept. 16.
