The Dallas-based development group behind the prominent 1800 Broadway apartment complex near Pearl made an expansive second move in San Antonio this week, kicking off more development in a prominent master-planned community.
Criterion Development Partners acquired more than 43 open acres in the 119-acre Éilan development directly across I-10 from The Rim at approximately 17803 La Cantera Terrace, the group announced Tuesday. Hudson Advisors of New York was the seller, represented by JLL. There was no debt for the purchase.
The development will continue the rapid growth of Northwest San Antonio with potentially more apartments and offices, retail or even a new hotel — a rare sight amid the pandemic. Chad Colley, Criterion's director of development, said the company is having discussions with developers in all of these categories with the intention of continuing the young, modern feel of Éilan.
The first focus for Criterion is its roughly 250- to 400-unit apartment complex it will develop on the site set to break ground mid-2021. The design will complement the Tuscan style of the other Éilan projects, and amenities will include a resort-style pool and a sun deck overlooking Hill Country. Colley declined to name the architect, as it is still too early in the process to announce.
"This development offers first-rate living, working and hotel accommodations to those who value having an amenity-rich environment within walking distance and an abundance of shopping and entertainment within a short drive," Colley said in a news release. "We believe this property is extremely unique and the most desirable location in the area."
Éilan's Netherlands-based developer, Wereldhave, started building in 2007, according to the Express-News. The original developer intended to develop the full 119 acres, Colley said, so the land acquired by Criterion is already entitled and ready for mixed-use projects.
“It allows all the uses we like,” Colley told the Business Journal. “It’s kind of a dream, to be honest with you. Never in my career have I seen anything as done as this was.”
Criterion Development Partners in partnership with BVT Equity Holdings have purchased 15 Riverdale Avenue in Newton from Legacy Real Estate Ventures for $13.26M. The 3.4-acre property has been fully approved for the development of 204 apartment units under the MA-40B development program.
Legacy purchased the single-story flex property in 2012 in a sale leaseback transaction from C&K Components. The cash flowing flex property in the inner suburbs of Boston fit in well with Legacy’s portfolio of Flex, Medical and Office buildings in the Northeast market. Michael Price, Principal of Legacy Real Estate Ventures stated, “We purchased the property 8 years ago and it has been a great income producer, but its highest and best use has always been as a residential redevelopment. We began discussing this possibility with Criterion Development Partners three years ago and they recently completed the permitting process which made this concept a reality.
The development will consist of 20 studios, 87 one-bedroom units, 74 two-bedroom units and 23 three-bedrooms with 25% of the units designated as affordable. A portion of the property will be built with sustainable Passive House design procedures, led by Icon Architecture.