SUBJECT:
Discussion and possible action to approve a Resolution authorizing funding up to $222,000.00 in TIRZ funding to Brayco Properties, LLC for the Arena Vista project located at 215 Coca Cola Place, in CD 2, and to authorize staff to negotiate the appropriate agreement.
BACKGROUND:
The Arena Vista project is located at 215 Coca-Cola Place, San Antonio, Texas, 78219. The project will encompass the renovation of an existing 105,107 SF warehouse building into a mixed-use building including live/work condos and commercial space. All spaces/units will be finished out as "white-box" shell spaces. The project will consist of thirty-five (35) live/work condo units totaling 62,992 SF. The remaining 42,115 SF commercial space will be marketed to restaurateurs and merchants as restaurant/retail/office space.
The original existing warehouse building is a concrete framed structure with a masonry exterior (30,160 SF). All existing walls are masonry with either concrete or steel structure. All roof structure is either concrete or steel construction. All new interior partitions will be metal stud construction.
The fa?ade of the existing exterior of the building will be updated by adding windows and various types of materials to add visual interest. A fire sprinkler system and fire alarm system will be installed throughout the building. A new TPO roof was recently installed over the entire building.
Each condo white-box space will include an HVAC system and plenum, a sub-electrical panel with perimeter receptacles, water supply stub-outs as well as a sewer tie-in for waste-water lines.
On October 27, 2017, Brayco Properties, LLC submitted a proposal request for TIRZ #11 funding to be drawn on a reimbursement basis. The $222,000.00 will be utilized for fa?ade and lighting improvements, landscaping, and artwork requirements necessary to complete the project. The overall project cost for the facility is estimated at approximately $8,507,000.00.
Brayco Properties, LLC intends to...
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