This article has been updated.

The developers behind the Pearl are planning a new apartment building adjacent to the San Antonio River.

An investor group related to Silver Ventures received conceptual approval from the Historic and Design Review Commission to build a seven-story brick and stucco residential structure on a downtown city block along the River Walk.

The Elmira Apartments project will feature 265 units, a parking structure, and ground-floor retail spaces, including a coffee shop. The vacant 3-acre property is bound by four streets – Elmira Street, Park Avenue, Quincy Street, and Schiller Street – and is located within River Improvement Overlay zoning district 2

Commissioners approved the plans at their Wednesday meeting. Silver Ventures officials did not immediately respond to a request for more information.

The plans presented to the commission call for a pool deck, community room, and fitness center with views of the River and the Pearl. Salvaged artifacts from the historic former brewery will be used in the landscape and building design.

Tax records show the investor group purchased the grouping of four lots near the Pearl in 2011 and 2014. 

A conceptual rendering of the proposed Elmira Apartments. Credit: Courtesy / Silver Ventures – Don B. McDonald Architect

The developer has requested Center City Housing Incentive Policy (CCHIP) incentives and reimbursement for SAWS impact fees valued at $500,000, which will be requested from the MidTown Tax Increment Reinvestment Zone.

Incentives include a 10-year local tax rebate, of which 25 percent would be dedicated to the City’s Affordable Housing Fund. A contribution to the Affordable Housing Fund is estimated at $1 million. The CCHIP program expires Dec. 13.

Silver Ventures’ most recent residential development, Southline, opened a year ago at 226 Newell Ave. and is also situated adjacent to the River Walk on the southern end of the Pearl. Many of the 223 apartments overlook the River and the F.I.S.H. art installation. 

The other two large residential complexes at the Pearl include the 293-unit Can Plant apartments and the 122-unit Cellars, a high-end residential building with spacious penthouses, luxury amenities, and concierge service. 

The empty lot (left) proposed for a new apartment building sits just across the San Antonio River from the residential Cellars at Pearl (right). Credit: Scott Ball / San Antonio Report

In September, Silver Ventures purchased a 2.2-acre city block at 102 E. Josephine St.; a spokeswoman said the investor group has no defined plans for the former industrial space

But plans for the former Samuel’s Glass plant the investors purchased in 2015 are developing on a faster timeline, she said, with an update on its planned use coming next year.  

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Shari Biediger

Shari Biediger is the development beat reporter for the San Antonio Report.