Dive Brief:
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Dallas-based developer Rosewood Property Co. has purchased 44 acres on San Antonio’s northeast side and expects to break ground on a 956-unit, mixed-use development there next year, according to the San Antonio Express-News.
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Locals are concerned about increases in population density and traffic as a result of the development, which is expected to include apartments, townhouses and single-family detached rentals, as well as retail.
- The land comes from the estate of philanthropist and art collector Robert Tobin. In 1987, he had it zoned for multifamily and commercial purposes.
Dive Insight:
In June, real estate website Zillow ranked San Antonio as one of the housing market’s "sweet spots," due to high income and job growth as well as a short breakeven horizon — when buying a home becomes more affordable than renting one. In San Antonio, that point is approximately one year and four months, compared to the national average of one year and eight months.
Home sales — and prices — have been steadily increasing in San Antonio for the past few years as the city, once targeted by homebuyers for its affordability, risks becoming overvalued. Growth is evening out and has been the most significant on the city’s north side, according to the Express-News, where the Tobin estate is located.
The project will be located proximal to the master-planned Oakwell Farms development, which was created by Tobin in the 1980s and features high-end homes, multifamily properties and office space. Residents there are concerned that the new development will lead to drainage problems and traffic related to higher population density, according to the Express-News, and they are pushing the project to focus on mostly single-family detached homes.