The two projects would spring up at the intersection of South New Braunfels Avenue and Research Plaza.
With market-rate housing and build-to-rent developments already in the pipeline, the Brooks Development Authority is setting its sights on more affordable options.
At a recent meeting, the board of directors for the former U.S. Air Force base authorized President and CEO Leo Gomez to negotiate the sale of nearly 20 acres for “Project Butterfly,” a partnership between Los Angeles-based affordable housing developer Lincoln Avenue Capital and the San Antonio Housing Trust.
The two projects would spring up at the intersection of South New Braunfels Avenue and Research Plaza, adjacent to the Mission Solar headquarters and Mission Trail Baptist Hospital.
The affordable apartment complex will be built on 13.07 acres and provide an estimated 340 units. The majority of those will be two- and three-bedroom units. Many units will be offered on a scale of 70% average median income (AMI), 60% and 30%, though the exact breakdown hasn’t been finalized, according to Brooks Chief Strategy Officer Connie Gonzalez.
An independent senior living facility with about 240 units is planned on 6.55 acres with the same AMI range of 70% to 30%. Those will be a mix of one- to two-bedroom units.
Gonzalez told the Business Journal that a range of affordable housing units has been on their list of needs for some time.
“We’re been exploring and talking with our board about the need to add affordable housing components,” she said. “Independent senior living was actually even more of a priority and higher on that list.”
She added that within a 3-mile radius of Brooks’ 1,300-acre campus, there are 10 affordable housing properties with an average occupancy rate of 96% or higher.
“So there’s clearly a demand still be to met within the community. … Out of the 10, only two are focused on independent senior living,” she said.
Financing for both projects is expected to come together over the coming months. The sale of both parcels hasn’t been finalized. The San Antonio Housing Trust board is expected to take up a measure of support at the end of September. The developer has to apply for state housing credits before Oct. 20 to be included in an upcoming lottery draw.
If all goes according to plan, all pieces of the financing puzzle are expected to be in place by July 2024. A construction timeline has yet to be determined.
Lincoln Avenue Capital did not respond to a request for comment by publication time.
Article originally published here: Brooks plans to add affordable apartments, senior living facility to campus
READ MORE:
San Antonio Express-News: First affordable housing, senior housing could be coming to Brooks on South Side