April 8, 2020
Embrey says that financing from Wells Fargo has been secured for the revitalization and construction of a multifamily community at the historic Borden Creamery property in San Antonio on US 281, adjacent to the Pearl district. Although terms of the financing weren’t disclosed, projects costs have been reported at approximately $100 million.
Plans include demolition of the current self-storage facility and construction of 338 premium multifamily units compatible with the Art Deco exterior of the Borden building, which will be preserved in a separate project by AREA Real Estate LLC.
“We have worked collaboratively with Bexar County and the City of San Antonio, the Tobin Hill Neighborhood Association and the San Antonio River Authority to ensure a careful design that thoughtfully integrates our apartment community into the context of the surrounding community,” said Embrey EVP Jimmy McCloskey.
Construction is scheduled to begin in July, with July 2023 completion expected.
For comments, questions or concerns, please contact Paul Bubny