Representatives from the city of San Antonio, Encore Multi-Family, Greystar, Bexar County, and Centro San Antonio gathered June 7 to celebrate the groundbreaking of the new Encore SoFlo residential community. Located in the southern edge of downtown at South Flores and Old Guilbeau streets, Encore SoFlo will feature 339 rental units, consisting of one- and two-bedroom units.
The community will also feature a 420-space parking garage. Amenities will include a dog park, pool and spa. Occupancy is scheduled for fall 2108, with an anticipated completion date of 2019. “Encore SoFlo residents will be able to take advantage of modern, urban living including living within walking distance of the South Flores Market H-E-B, the River Walk, San Pedro Creek, a variety of entertainment and dining options, and other downtown businesses including the emerging tech district,” said District 1 City Councilman Roberto Treviño in a news release. “Downtown is a neighborhood for everyone to live, work and play, and I applaud Encore Multi-Family for committing to their first downtown San Antonio residential development, Encore SoFlo.”
As part of the Center City Housing Incentive Program, this project received $6 million in city incentives for a private investment of $60 million in the city’s center core. Incentives include a 15-year tax rebate, city fee waivers, and San Antonio Water System impact fee waivers to help minimize the financial risk of developing in downtown. Additionally, the city’s 2017 bond program includes $19.5 million for the first two phases of improvement along San Pedro Creek, which is less than a block west of the Encore project. Phase 1 extends from Fox Tech High School to Cesar Chavez and will be completed in December 2018.
“Continued job growth throughout the city of San Antonio has ensured a high demand of multi-family developments,” said Brad Miller, Encore Multi-Family president said in the release. “The city’s commitment to the urban core for residential development, and the opening of H-E-B’s downtown grocery store, have been game changers in promoting a downtown living experience.”