March 16, 2017
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Developer Efraim Varga is teaming up with investment firm Harris Bay to launch construction on Essex Modern City, a $150 million, mixed-use project at Essex and Cherry Streets on San Antonio’s East Side. The neighborhood, known as Denver Heights, has urban blight and crime, but Varga, who is a local, believes the eight-acre project will be a catalyst for the neighborhood.
Varga said he plans to start work by the end of 2017 on the first phase of the project, which will feature 80,000 square feet of creative office space, 65,000 square feet of retail, and a residential component that will offer 248 rental units, 160 condominiums and 80 townhomes, along with a food hall. Buildout of phase one is anticipated to take three years. The second phase will be determined by market demand.
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