Texas CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Texas  + San Antonio  + Retail  | 
Essex Modern City

Mixed-Use Development to Spring Up in Alamo City’s Downtown

One of the largest and fastest-growing U.S. cities, San Antonio, will soon be home to a downtown mixed-use development on an 8-acre site. A $3.456 million land loan was secured by seven parcels of vacant land located at 51 Essex St.

The loan was secured by Kennedy Funding for Essex Modern City LLC. Loan proceeds will be used for the development, in addition to cashing out the current loan, funding to advance the planning and engineering stage of the site, and completing quiet zone construction in partnership with the city and Union Pacific railroad.

“Real estate values in the metro area have appreciated 40 percent since 2015, and coupled with low unemployment and a growing population, this makes the Alamo City an excellent place for new construction that will be home to living, working, and recreation for its residents and visitors,” said Kevin Wolfer, CEO, Kennedy Funding.

Essex Modern City’s plans call for 80,000 square feet of retail space, 80,000 square feet of office space, and approximately 800 residential units of varying sizes along with parking spaces and an open park area. The project was re-zoned Infill Development Zone (IDZ) and approved for mixed use in 2016.

Connect

Inside The Story

Kevin Wolfer

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Development
  • ◦Financing