Local officials and a variety of guests assembled on the sidewalk of Presa and Houston streets downtown Tuesday night as the teenage daughter of local developer David Adelman cut a ribbon on the newly renovated Maverick Building, ushering in new options for urban living in San Antonio.
“I want to welcome you to the Maverick Building, 2017 edition,” said Adelman of AREA Real Estate, before introducing Mayor Ivy Taylor, City Manager Sheryl Sculley, and City Councilman Roberto Treviño (D1).
“If you’d seen the Maverick before this renovation, you’d know this project was a huge undertaking,” Treviño said. “I want to thank you, David, for taking on the restoration of this historic building. The rehabilitation respects the original design. As you tour the building, you will see the period touches remain intact, preserving the character and the charm of the building.”
Guests joining the tours of the Maverick included a crowd of San Antonio Tech Bloc Tech2sday attendees.
“This is a big part of live-work-play … the combination of not just great places to work, but also great places to enjoy life,” said David Heard, Tech Bloc co-founder and CEO. “This is a celebration of the arrival of a great new urban living option for tech workers and other young professionals in San Antonio. And the building is stunning. This is the kind of history you cannot buy.”
Once a landmark high-rise in the heart of downtown, the 1922 Maverick Building was built by the estate of George M. Maverick, a son of Samuel Maverick, a signer of the Texas Declaration of Independence, on the site of the former Maverick Hotel. It is listed on the National Register of Historic Places.
Adelman purchased the Maverick in December 2014 through a partnership established by AREA Real Estate and David Lake of Lake|Flato Architects. At the time, the building was in poor condition, “rat and roach infested,” according to Adelman.
Today, the Maverick is a collection of luxury apartments featuring modern kitchens, white subway tile, oak wood floors, LED lighting, NEST thermostats, and vintage-inspired finishes. A spacious third-floor club room is stylishly furnished, and plans are underway for a basement speakeasy and a French restaurant on the first floor.
Maverick one-bedroom units rent for $1,075-$1,322 a month, with prices increasing by floor level, and two-bedroom units are priced at $1,559-$1,773. The 300-sq. ft. studio apartments are $770-$910 a month, and a penthouse apartment goes for $3,500.
Seven of the building’s 86 units are already leased. Tenants that include two engineers, three servers, a downtown hotel employee, and two construction workers from Austin, can begin moving into their apartments on Monday, said manager Joe Fuentes, who will reside on the property.
The location on a prized downtown corner, with the River Walk steps away and proximity to downtown employers, restaurants, and entertainment, makes up for there being no on-site parking for tenants, Adelman said.
“The fact is there are a lot of parking options downtown,” Adelman said. “We’re not worried about the parking. We think that the quality of the building and the opportunity to live right here in this location is so awesome, people will figure it out.”
Southwest Signs, he said, modernized the iconic Maverick sign atop the nine-story building, converting it to LED and adding a solar array on the roof so that it can be lit up at night.