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Published December 7, 2024
What’s New in San Antonio Real Estate Development?
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San Antonio's real estate landscape has been bustling with significant developments across various sectors. Here's an overview of the latest projects and trends shaping the city's growth:
1. Major Construction Projects
InterContinental San Antonio Riverwalk: IHG Hotels & Resorts is expanding its luxury InterContinental brand into San Antonio with the renovation of a former Wyndham hotel along the Riverwalk. The project is expected to be completed by late 2024.
San Pedro Creek Developments: The University of Texas at San Antonio completed San Pedro I, a $90 million, 167,000-square-foot building housing the School of Data Science and the National Security Collaboration Center, in early 2023. Construction is underway on San Pedro II, a $131 million, 180,000-square-foot building.
2. Residential Growth
Lennar's Expansion: Miami-based builder Lennar has cemented its status as a dominant force in San Antonio’s residential construction market, pulling 61% of permits in July through September 2024.
Affordable Housing Initiatives: Consultants have recommended assisting the development of affordable housing in downtown San Antonio, suggesting subsidies and incentives to encourage such projects.
3. Mixed-Use Developments
Southtown Project: Oxbow Development Group plans to bring apartments, restaurants, and retail to a nearly 5-acre site in San Antonio’s Southtown District, aiming to enhance the area's vibrancy.
Tobin Hill Development: Harris Bay is planning a 1,000-unit mixed-use development in San Antonio's fast-growing Tobin Hill neighborhood, reflecting the city's urban expansion.
4. Infrastructure and Transportation
Transit-Oriented Development (TOD): San Antonio is exploring new zoning and VIA’s Green Line to reshape the city, aiming to create compact, livable, walkable neighborhoods with multimodal transportation access.
San Antonio International Airport: While the planned new terminal is not expected to be completed until 2028, work on a new ground loading facility is ongoing, with completion expected in the second quarter of 2025.
5. Economic and Market Trends
Housing Market Dynamics: In July 2024, a record 60,000 home buyers, or 16% of those who went under contract, backed out of deals, with San Antonio being one of the metro areas with the highest share of cancellations.
Housing Stock Increase: San Antonio is among the cities that have more housing stock than before COVID-19, providing more opportunities for homebuyers.
These developments highlight San Antonio's dynamic growth and the city's efforts to balance expansion with community needs.
