SAN ANTONIO – The Bexar County Commissioners Court approved two residential developments in downtown San Antonio for county tax breaks on Tuesday.
Commissioners approved a 10-year, 40% tax break on the developments for Oxbrow Real Estate, valued at approximately $1.4 million.
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The future buildings will be known as The Mira, located on the 1200 block of East Elmira Street, and Iselta, located on the 100 block of East Josephine Street near the San Antonio River in the Pearl area.
These developments will add a combined 275 units to the community and are valued at $129 million.
During the Commissioners Court meeting on Nov. 12, Omar Gonzalez, director of developments for Oxbrow, discussed pedestrian improvements the company plans to pay for along the San Antonio River.
The improvements, which include accessible bridges to the River Walk, additional seating, and landscaping, will cost approximately $10 million.
“So this is still a small gap,” Gonzalez said. “But I think everything we can do to make that public investment really kind of create some more life and vibrancy in that area is going to be helpful.”
Oxbrow plans to sell the units at market rate, which led commissioners and County Judge Peter Sakai to request that the company work toward affordable housing in the city center.
The real estate company expressed willingness to consider the partnership.
The court approved the vote for the tax breaks 4-0, with Commissioner Rebeca Clay-Flores of Precinct 1 absent.
You can watch the Commissioners Court meeting on their website.
