The Pearl footprint is expanding again.
Silver Ventures’ development subsidiary Oxbow, the group behind a hotel, food market and an apartment tower in various stages of development in the Tobin Hill neighborhood, recently purchased another parcel just west of the booming development.
Acquired in late June from Sabot Development, the Austin-based firm had plans for a 229-unit residential tower on the 1.5-acre site that is bounded by Euclid, Myrtle, Elmira and Locust streets and is a block from the River Walk and the Pearl.
The purchase price was not disclosed. The property was last assessed at $4.4 million, according to tax records.
In 2021, Sabot sought and received approval from the Historic and Design Review Commission to build Mira, a 10-story, brick-façade residential structure with retail at the street level and a parking garage.
Oxbow’s plans are similar, if not downsized. A mixed-use development is intended, according to reports, but also one that provides designated parking for the developer’s hotel project at 1210 E. Elmira St. and housing.
The number of units has not been determined, but the rental rates will be at a lower price point than anything else at the Pearl, said Bill Shown, Oxbow CEO. “We’re trying to aim for something more affordable than what we’ve done before.”
The planned development by Sabot was among several in progress in the booming historic neighborhood just north of downtown San Antonio.
Residential developments with rental units at the Pearl include The Can Plant, Cellars at Pearl and Southline Residences. San Antonio developers Lynd Living is building The Josephine at 120 W. Josephine St. and Embrey has recently completed the Tin Top apartments at the site of a former Borden Dairy plant.
Oxbow is developing a seven-story apartment tower named Cooper’s Row expected to open late next year.
There’s plenty of demand for housing in the area, Shown said. “I think that San Antonio as a community is so far behind in urban, central city housing,” he said. “When I say behind, I’m talking about other comparable cities. I think that people want to live down here where they can walk to places.”
The developer announced plans in April for the 151-room hotel that will be built across from the acclaimed Hotel Emma. The project is expected to break ground in early 2024.
Last year, a Sabot investor group purchased the property at 421 N. Medina St., the former National Grocer Co. building in Cattleman Square. It was listed for sale on the commercial real estate site LoopNet in March 2023 but appears to be no longer on the market.
In San Antonio, Sabot also owns 18 acres of land near Presa Street and Loop 410, south of Brooks, that is planned as a multifamily development.
Sabot’s founder Jim Young did not return a call for comment.
