Brooks Authority Moving Ahead with Two Affordable Rental Projects
Brooks Development Authority, the group that took over developing the land once the USAF base closed near San Antonio, has announced that two apartment complexes will be going up; both affordable, one for senior living.
A 340-unit apartment complex called Brooks Family would take shape at the northwest corner of Research Plaza and Challenger Drive. Brooks Senior, a 240-unit senior living project, is slated to rise next to it.
Brooks plans to apply for 4% housing tax credits for both projects from the Texas Department of Housing and Community Affairs. Units for both projects will be offered from 70% area median income to 30% AMI.
Brooks estimates $139.5 million in development costs between the two projects, including $85.8 million for the apartments and $53.7 million for the senior facility. Both projects are helmed in a partnership between Lincoln Avenue Capital and the San Antonio Housing Trust.
Brooks plans to begin construction in July 2024 and finish both projects by July 2026.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.