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Connell Canyon Ridge Sells The Estates at Canyon Ridge in San Antonio

24 Nov 2014, 3:23 pm

By Anca Gagiuc, Associate Editor

The Estates at Canyon Ridge in the Stone Oak master-planned community in North Central San Antonio has changed owners. The seller was New Jersey-based Connell Canyon Ridge LLC, represented in the transaction by CBRE Capital Markets. California-based FSC Realty purchased the multifamily asset; details about the sale are undisclosed.

The luxury multifamily community at 20614 Stone Oak Parkway was developed in 2007. It offers 270 condominium-style apartment homes divided into 27 buildings spread on approximately 20 acres. The units feature an award-winning Big House® design by Humphreys & Partners Architects, private ground-level entries, direct-access garages, and no breezeways or exterior staircases. Moreover, the larger units offer on average 1,200 square feet, and half of all apartments have two-car garages. Other amenities include granite kitchens, desks and bathroom countertops; a multi-level, resort-style swimming pool; and a service business center with cyber café.

“The Estates at Canyon Ridge is a unique property, with very large units and 100 percent direct-access garages. These are true differentiators compared to other new construction projects and will attract discerning renters for years to come,” said Ryan Epstein, CBRE executive vice president.

The community has convenient access to Loop 1604 and Highway 281. Employers in the area include Stone Oak Medical Center, the Clear Channel Communications corporate campus, Valero Energy Corp.’s world headquarters and NuStar Energy.

Embrey Partners Breaks Ground on Dwell at Legacy in North San Antonio

20 Nov 2014, 4:51 am

By Anca Gagiuc, Associate Editor

A new Class A apartment development broke ground under the Embrey Partners Ltd. umbrella. This was made possible after the developer received zoning approval to turn 8.28 acres of commercially zoned land in the Legacy Shopping Center into an apartment community.

Dwell at Legacy is located at 1810 E. Sonterra Blvd., within 326,455 square feet of retail space, with direct access to Lifetime Fitness, Best Buy, Staples, Main Event, Buffalo Wild Wings, Starbucks, Men’s Warehouse and a Saturday and Sunday farmers market. “But we also sit at the corner of Highway 281 and North Loop 1604, offering easy on-off access to freeways in all four directions,” said John Kirk, executive vice president of development for Embrey.

The project consists of three-story buildings, with an elevator, underground and surface parking, rentable private garages and detached carports. The units were designed with Generation Y in mind and will range in size from 550 square feet for one bedrooms to 1,200 square feet for two bedrooms; they’ll offer ultra-high-end amenities that will complement the convenience and choices of the urban environment built outside the city center. The amenities include an oversize porch at the clubhouse, infinity-edge pool with cabanas and a Bark Park for residents’ pets.

The architect for the development is Good Fulton & Farrell and the lender is Texas Capital Bank. The project is scheduled to open in late June 2015 and, besides developing and building Dwell at Legacy, Embrey Partners will also manage the property.

Preston Hollow Capital Secures $49M for Cibolo Canyons

8 Nov 2014, 7:11 pm

By Anca Gagiuc, Associate Editor

Preston Hollow Capital has completed a $48.9 million financing for the Cibolo Canyons Special Improvement District, part of a 2,100-acre mixed-use master-planned community near downtown San Antonio. The bond funding transaction will provide reimbursement of infrastructure expense to the project’s developer, Forestar Group Inc.

“Preston Hollow Capital is pleased to invest in the future of the Cibolo Canyons, one of the most exciting developments in Texas,” said Jim Thompson, Preston Hollow’s Chairman & CEO, who launched the diversified merchant bank in January. “Continued development prospects for Cibolo Canyons are very promising as it is the site of the JW Marriott San Antonio Hill Country Resort and Spa and is home to two PGA Tour Tournament Players Club (TPC) golf courses designed by architects Pete Dye and Greg Norman.”

The revenue bonds for the Cibolo Canyons Special Improvement District were underwritten by Stifel Nicolaus & Co. First Southwest Co. served as the district’s financial advisor.

“By closing on this transaction in two weeks from start to finish, the finance team at Preston Hollow Capital demonstrated our firm’s capabilities as a financing solution provider that can execute quickly and close with certainty,” Thompson added in a statement. “We have ready capital for more transactions of this type and are actively seeking additional opportunities.”

World’s Largest Candlewood Suites Celebrates Grand Opening

1 Nov 2014, 5:08 pm

By Anca Gagiuc, Associate Editor

The “largest Candlewood Suites hotel in the world” is officially open. Cleveland Construction Inc., the general contractor, and Lend Lease, the construction manager, recently celebrated the grand opening of the new hotel located at Fort Sam Houston in San Antonio. The hotel development is part of Privatization of Army Lodging (PAL), an Army-led program meant to revitalize on-post lodging facilities for soldiers, their families and all government travelers.

The new hotel stands five stories tall, encompassing 153,685 square feet divided into 310 studio and one-bedroom suites. All rooms are fully equipped with a kitchen, oversize work area and full bathroom. Amenities include a swimming pool with patio pavilion, business and fitness centers, guest laundry facilities, a breakfast bar and on-post shuttle services.

The hotel structure adheres to the military structural requirements for progressive collapse and blast impact standards. Pre-fabricated cold-formed structural metal stud panels, gypsum cement floor slabs on floors two through five, a structurally suspended first-floor concrete slab installed over eight-inch carton forms, a grade-beam foundation and 30-foot drilled bell piers form the structure of the building. The interior includes electrical, mechanical, plumbing, elevators, fire suppression and fire alarm systems. The exterior comprises gypsum board sheathing, a fluid applier vapor barrier, EIFS, a TPO roofing system and blast-resistant windows and storefront systems.

“The project proved to be extremely challenging, but I believe that because of the hard work and extraordinary efforts put forth by Lend Lease and our project teams, our goals for the project were realized,” said Elliot Christiansen, project manager for Cleveland Construction. “Rest Easy, IHG and more important, our soldiers, have a premier facility to enjoy for years to come.”

Construction started in August 2012 and was completed in August 2014. Throughout the development, Lend Lease and Cleveland Construction took responsibility for completing the project in the spirit of Lend Lease’s Incident and Injury Free Culture. Furthermore, Cleveland Construction implemented a recycling program that resulted in 94 percent of the construction waste being recycled. In all, five safety audits were conducted during construction and achieved perfect 100 percent scores from Lend Lease’s insurance provider.

“The level of safety achieved on this project is a significant accomplishment for our company. Receiving consecutive 100 percent ratings from the owner and insurance safety audits validate the safety leadership of our project team,” said Mitch DaDante, safety director for Cleveland Construction. “A senior risk engineer with Zurich Services Corp. called this the best site he had ever visited, based on the physical conditions and the positive safety management, something we can all be very proud of.”

Turner-Agassi Charter School Facilities Fund Open KIPP San Antonio Commerce Campus

27 Oct 2014, 4:33 am

By Anca Gagiuc, Associate Editor

Tennis star Andre Agassi and other leaders from the Turner-Agassi Charter School Facilities Fund joined the opening celebration for the KIPP San Antonio Commerce Campus, the permanent home for two KIPP San Antonio schools and the first investment of the fund in the city.

The KIPP San Antonio Commerce Campus is located at 4343 W. Commerce St., west of San Antonio. The 103,000-square-foot campus has been converted from a big-box retail center that sits on seven acres in a dense residential neighborhood. It enrolls more than 1,300 students a year, ranging from kindergarten through 2nd grade and 5th through 12th grade.

The property was developed by the Turner-Agassi Charter School Facilities Fund, an investment fund that provides resources and real estate expertise to high-performing charter school operators across the nation.

“Since we launched Turner-Agassi more than three years ago, we’ve worked with some of the country’s best charter school operators to create the long-term facilities they need to grow,” said Bobby Turner, the fund’s co-managing partner and principal & CEO of Turner Impact Capital. “This project shows the transformational impact that these schools can have on entire neighborhoods: We’ve turned a vacant retail center into a thriving learning environment for hundreds of students.”

The KIPP San Antonio Commerce Campus represents Turner-Agassi’s first investment in San Antonio and the third partnership with the LIPP network. The campus consists of 70 classrooms, three computer labs and collaborative spaces for teachers. Space for student recreation, a gymnasium, a multipurpose room, an athletic field and an elementary school playground are also included.

“We are excited to be able to open our first permanent KIPP San Antonio campus on the west side of San Antonio, close to so many of our families,” said Mark Larson, founder & CEO of KIPP San Antonio. “This campus marks an important step in our ongoing growth as we continue to prove what is possible in urban public education. We are thankful for our partnership with Turner-Agassi that helped build this campus that will serve our students and families well for many years to come.”

Photo courtesy of Turner-Agassi Charter School Facilities Fund.

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