Residential high rise will offer market value units, join San Antonio's tallest buildings
When Weston Urban's 32-story residential tower at North Main Avenue and East Travis Street is completed in the spring of 2024, it will join the ranks of San Antonio's tallest buildings.
The footing for the 354-unit high rise, dubbed "300 Main," is starting to take shape after a ground-breaking ceremony on April 21.
The Class AA apartments will average 924 square feet. The building will also include a six-level parking garage, more than 6,200 square feet of retail space, and unobstructed views of downtown from a 25th floor sky lounge.
“Weston Urban is investing in the projects that make it attractive to live, work and play in downtown San Antonio. We must have a vital downtown to attract the companies that offer the jobs our community needs. The UTSA School of Data Science and San Pedro Creek Culture Park are just blocks away from 300 Main. This infusion of energy in downtown is critical for the kind of growth we want to see,” said Bexar County Judge Nelson Wolff.
Not only will the project add core downtown living space, it will also provide an economic boost to merchants in the heart of downtown.
“Now there will be an option to live in a beautiful home and be able to walk to work, groceries, great restaurants, wonderful parks, and enjoy a truly vibrant urban lifestyle,” said Randy Smith, co-founder and CEO of Weston Urban.
The general contractor for 300 Main is Rogers-O’Brien Construction with the design provided by Page. Bridge Investment Group and Bank OZK are providing financing for the project.
Units at 300 Main will be offered at market value when it opens, whatever the value is in 2024. None of the units are offered for an adjusted percentage of area median income. Some downtown residential developments have offered those kind of units to win approval or incentives from local government officials concerned about the lack of affordability downtown.
The debate about affordable living downtown will continue with every new development. Others are in the works.
According to Apartment List, which lists available apartments nationwide, San Antonio has some of the most affordable downtown living when compared to other major U.S. cities. The average monthly rental price for a downtown apartment in San Antonio is $1,600 a month, according to Apartment List.
Findings by Apartment List released in April about the entire San Antonio apartment market, including those downtown:
- Rents in San Antonio increased 1.2% month-over-month in April, compared to a 0.9% increase nationally. Month-over-month growth in San Antonio ranks #42 among the nation's 100 largest cities.
- Year-over-year rent growth in San Antonio currently stands at 15.4%, compared to 3.1% at this time last year. Year-over-year growth in San Antonio ranks #47 among the nation's 100 largest cities. Rents in San Antonio are up by 18.4% since the start of the pandemic in March 2020.
"Throughout the past year, rent increases have been occurring not just in the city of San Antonio, but across the entire state. Of the largest 10 cities that we have data for in Texas, all of them have seen prices rise. The state as a whole logged rent growth of 15.7% over the past year," reported Apartment List.
- Looking throughout the state, Plano is the most expensive of all Texas' major cities, with a median two-bedroom rent of $1,925; of the 10 largest Texas cities that we have data for, all have seen rents rise year-over-year, with Austin experiencing the fastest growth (+21.5%).
- Plano, Dallas, and Fort Worth have all experienced year-over-year growth above the state average (21.4%, 17.3%, and 16.6%, respectively).
At 388 feet tall, 300 Main will become the sixth tallest building in San Antonio, according to Emporis, which is a global provider of building information. It edges out by just a foot the nearby Bank of America Plaza building.
The 10 tallest buildings in San Antonio, outside of the Tower of the Americas, which many consider more of a structure at 750 feet, according to Emporis are:
1. Marriott Rivercenter with 38 floors is 546 feet and was constructed in 1988
2. Weston Centre with 32 floors is 444 feet and was built in 1988
3. Grand Hyatt San Antonio with 34 floors is 424 feet and was erected in 2008
4. Tower Life Building with 30 floors is 404 feet and opened in 1929
5. Frost Tower with 23 floors is 400 feet and was built in 2019
6. 300 Main with 32 floors is 388 feet and will be completed in 2024
7. Bank of America Plaza with 28 floors is 387 feet and was built in 1984
8. The Towers on Park Lane with 23 floors is 368 feet and was constructed in 1988
9. The San Antonio Marriott Riverwalk with 30 floors is 350 feet and was finished in 1979
10.Wyndam San Antonio Riverwalk with 21 stories is 325 feet and was erected in 1957
Examining the completion years of San Antonio's 20 tallest buildings also reflects the economic upswings of the 1950s, 1980s, the early 2000s before the Great Recession, and the current hot real estate market.
Some, however, managed to rise during hard economic times, including the Tower Life Building, as mentioned earlier in 1929, as the Great Depression opened.
Other Depression era or near Depression era buildings were the Nix Professional Building in 1931, The Milam Building in 1928, the Drury Plaza Hotel in 1929, and the 1930s AT&T Building.