city of San Antonio


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File #: 21-2882   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 5/6/2021
Posting Language: Ordinance approving a Development Agreement between the Houston Street TIRZ Board of Directors, 305 Soledad LTD., and the City of San Antonio for impact fees for an amount not to exceed $1,000,000.00 and reimbursed over three fiscal years for the 305 Soledad Project. [Lori Houston, Assistant City Manager; VerĂ³nica R. Soto, FAICP, Director, Neighborhood and Housing Services]
Attachments: 1. Agreement, 2. Site Plan, 3. Draft Ordinance, 4. Ordinance 2021-05-06-0303
Related files: 21-1069, 21-1068, 21-2113, 21-2892, 21-2998, 21-4162
DEPARTMENT: Neighborhood and Housing Services Department


DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director


COUNCIL DISTRICTS IMPACTED: 1


SUBJECT:

An Ordinance approving the execution of a Development Agreement between the Houston Street TIRZ Board of Directors, 305 Soledad, LTD, and the City of San Antonio for SAWS impact fees for an amount not to exceed $1,000,000 and to be reimbursed over three fiscal years (FY 2021-23) for the 305 Soledad Project in Council District 1.


SUMMARY:

The 305 Soledad project is the construction of a new 32-story mixed-use high-rise residential building within the boundary of the Houston Street TIRZ. This new development will replace a surface parking lot and includes 351 market rate units, a seven-level parking garage with 356 spaces, and 7,000 square feet of retail space on the ground floor. It will also feature several amenities such as a courtyard, pool, outdoor deck, and areas for residential dining, lounging, working, and fitness. The total development cost is approximately $100 million. The eligible expenses for this project are SAWS impact fees. The reimbursement of the impact fees will be made over three fiscal years; fiscal year 2021 for an amount of $400,000, fiscal year 2022 for an amount of $300,000, and fiscal year 2023 for an amount of $300,000.

This project is anticipated to begin in May 2021 and be completed by December 2023 and will provide a significant amount of new housing units and street edge retail to one of the most walkable areas in the City. It will contribute to downtown San Antonio being a great place to live, work, and play while enhancing economic vitality.

BACKGROUND INFORMATION:

On February 25, 2021 the Houston Street TIRZ Board of Directors approved a Development Agreement with 305 Soledad, LTD, for eligible impact fees for an amount not to exceed $1,000,000. The project is also receiving incentives from the Center City Housing Incentive Policy in the form of a 15-year, 75% pr...

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