SAN ANTONIO – (Realty News Report) – Weingarten Realty has sold a former movie theater property to San Antonio-based Koontz Corporation, which plans to build a new apartment community on the site.
Koontz announced it will break ground in early 2022 on a 300-unit, Class A multifamily development at 12631 Vance Jackson Road, the location formerly occupied by the Regal Fiesta movie theater.
The project sits at a high-traffic regional intersection with easy access to the University of Texas at San Antonio, Fiesta Texas, the South Texas Medical Center and Fiesta Trails Shopping Center, one of the area’s largest retail destinations outside regional malls. The shopping center’s national tenants include Sam’s Club, H-E-B, Walmart Supercenter, Home Depot, Marshalls, Bob Mills Furniture, La-Z-Boy and Petco.
Residents will benefit from direct access to IH-10 via Fiesta Trails retail, and convenient connections to Loop 410 and Loop 1604.
After acquiring the property from Weingarten, Koontz successfully petitioned the San Antonio Zoning Commission to rezone the parcel to allow residential development.
“We are excited to bring a high-quality multifamily residential development to this vital area of San Antonio,” said Koontz Corporation President and CEO Bart Koontz. “With its ideal location and ample nearby retail and restaurant options, this project represents the kind of mixed-use development in high demand and will appeal strongly to young professionals.”
Located on 10.36 recently rezoned acres, the four-story Fiesta Trails Apartment Community will offer 300 one- and two-bedroom residences and a range of amenities, including two swimming pools and a dog park. The development will total approximately 267,000 square feet and provide a 1.76 parking ratio.
Koontz Corporation will act as both developer and general contractor for the project. The firm is partnering with Garcia + Associates Architect and Pape-Dawson Engineers Inc. Construction is expected to be completed in 2024.
The Fiesta Trails Apartment Community will expand Koontz’s multifamily portfolio to 22 projects, totaling 5,732 units and roughly 6,005,684 square feet. Koontz’s property holdings also include office, medical office, industrial/flex and retail assets.
“San Antonio is our home and one of the fastest-growing, most dynamic cities in the nation, with a diverse economy and rich cultural heritage,” Koontz said. “It’s a wonderful place to live and work, and when we can enhance the city’s infrastructure with high-quality residential options, we are proud to do so.”
July 17, 2021 Realty News Report Copyright 2021
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon.
Houston 2020 Ebook version
Image: Courtesy Koontz
File: Koontz. Multifamily. San Antonio
Weingarten Sells Movie Theater Site to Koontz for Multifamily Development