Rialto Village Town Center Development to Proceed
- Nov 06, 2011
The developer of the mixed-use Rialto Village Town Center has settled its dispute with the lender, Bank of the Ozarks, allowing it to proceed with the project. The developer sued the bank for refusing to refinance or extend the loan, thus hindering the project’s development. According to the settlement, the developer will pay back the $10.5 million loan in four years, according to the San Antonio Express-News.
Rialto Village Town Center L.P. proposed a $60 million to $70 million project including shops, office condos and apartments. The mixed-use development will be situated near Ralph Fair Road. Now that the project has emerged from bankruptcy, RVTC is planning to start construction on a 19-square-foot building.
The developer is negotiating with potential partners for a possible joint venture that could develop a luxury apartment project with 320 units, according to the Express-News. Since 2007, when the company received the loan, only some infrastructure work and a 3,500-square-foot medical building were completed at the center. Company officials blame the financial crisis for the poor completions.
In other real estate news, San Antonio is now home to the fifth Polytrauma Rehabilitation Center in the United States. The Department of Veterans Affairs recently opened a $66 million facility that will treat physical, cognitive, psychological and psychosocial impairments and functional disabilities for duty soldiers and veterans. The other four centers are located in Minneapolis, Tampa, Palo Alto and Richmond. The San Antonio facility was designed by an architectural joint venture formed by Smith Group and Marmon Mok, according to Citybizlist.com.
Photo credits: flickr.com