A modern, art-oriented apartment complex designed for the East Side could return to the drawing board.
At the time, at 51 Essex St. there are some signs of life. music and arts festival and inviting artists to create murals that cover many of the walls of old factories.
Although the apartments and commercial premises planned by the developers on the 8-acre site have never been realized, the project can now gradually move forward.
Lender from New Jersey, Kennedy Funding, recently announced that it has completed a $ 3.46 million land loan to support the construction of Essex Modern City, a proposed $ 150 million residential and mixed-use development near Alamodom.
“When it came to Essex Modern City, the timing for development in San Antonio couldn’t have been more ideal,” said Kevin Wolfer, CEO of Kennedy Funding, adding that the developers are working to finalize a map of the upcoming development. “All that was required for the modern city of Essex was funding – everything else was in place.”
Harris Bay founder Jake Harris said in a text message that the group is very excited that the project is close to becoming a reality. “The secured funding will allow the project to move forward with the next stages of residential development,” he said. “We have stakeholders for both apartments and townhouses.”
According to Kennedy, plans for Essex Modern City include 80,000 square feet of retail space, 80,000 square feet of office space and approximately 800 mixed-sized residential units and parking. But the coronavirus pandemic forced the developer to slightly change these plans.
Harris said that due to “COVID-related headwinds,” office space could be cut or phased out before the end of the project schedule.
There was already an equity and debt investor to start the project, Harris said, but the Kennedy loan will “take the project to the next stages” and go into initial planning and design on site.
But contrary to what Kennedy included in his press release about the loan, Harris said in the text that it will not be used to support the infrastructure needed to complete the railroad.Quiet zone“, Which, he said, has postponed the implementation of the project since its first announcement.
Union Pacific railways run across nearly the entire western edge of Essex in an increasingly less industrialized area.
A quiet zone, where crews usually do not beep at crossings, is created when the city imposes security measures such as one-way conversions, quad gates, medians, signs and sidewalk markings, or closes crossings. The Quiet Zone must be approved by the Federal Railroad Administration. There are at least 10 quiet zones in San Antonio.
“[The] The Quiet Zone has been a delay not only for us, but for several projects that I am aware of as this part [the] “Caterpillars are one of the few areas in the entire downtown area where there are no safety improvements,” Harris said.
Noise has over the years been a problem for the quality of life in Denver Heights and Lavaca, he said.
District 2 Councilor Jalen McKee-Rodriguez did not return calls or ask for an update on the Quiet Zone project.