August 9, 2017
Connect Texas Multifamily is just around the corner! To learn more about this Aug. 24 event, click here!
A 10-story building at 601 N. St. Mary’s was one of San Antonio’s first high-rise structures when it came online in the late 1920s. But since the early 1990s, the property, known as the Hedrick building, has been a vacant, blighted eyesore.
But, thanks to a group of local investors and San Antonio developer Craig Glendenning, renovation plans will soon be underway to convert the building near the Tobin Performing Arts Center into 54 high-end apartments. Glendenning and partner Uriel Villareal hope to complete the building’s renovation by summer 2018, but the process could take up to 18 months.
Apartment rents in the building, which will be rebranded as the Flats at St. Mary’s, are priced at just under $2-per-square-foot, making the units some of the most expensive in San Antonio. The renovation will cost $12 million, with the city awarding the project approximately $1 million in incentives.
For comments, questions or concerns, please contact Amy Sorter