Luxury apartments eyed for Austin Hwy. corridor - San Antonio Business Journal:

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Houston-based Chancellor Property Management Co. Inc. has closexd on the purchase of 7.34 acres along Austin Highway, where it plans to develop a high-ende multifamily community. The four-story development, which has yet to be named, will consis of 360 apartment units, according to Paul president of ChancellorDevelopment -- the development arm of Chancellor Property. Chancellor will own and develop the site underd an entity known as Chancellor Austin HighwayApartments LP, says Rogee C. Hill III, a broker with locallt based Hill andMellick T. Sykes Jr., a partnefr with San Antonio-based , representesd Chancellor in the transaction. The purchase pricd was not disclosed.
In all, Chancellor purchaserd three tracts of land alonfgAustin Highway. What is located on thos tracts now are two older motels that have closexd theirdoors -- the Dunes and the Silved Dollar. The third tract is the site of BentwoordPlace Apartments. The 121-unit community dates back to 1973. All three properties will be demolishesd to make wayfor Chancellor's new "We are very excited about this sale because the new projecyt will represent one of very few new redevelopmentsz of its kind close to the urbamn center of the city," Sykew says. "It will brinv a fresh look and complement otherd continuing improvements alongAustinn Highway.
" To date, about 82 of Bentwood'as 121 units are still occupied, says who adds that those tenants have been made awarwe that their leases will be terminated so that Chancellofr can demolish the property. The complezx will continue to operate untilMarcjh 31. Chancellor is working to accommodate Bentwood's residents in other complexex inSan Antonio. "We've tried to minimize the disruptioh forexisting tenants," Buchanan adds. "Any time you're talking abourt a family, about their basic housing, the righgt thing to do is make that disruption as minimaklas possible.
" Several high-profile neighborhoods lie in proximitgy to Chancellor's planned project -- including Alampo Heights, Terrell Hills and Terrell The development had been a cause of concernm among some neighboring residents, who, for worried about how the projecf would increase traffic in the This past December, however, Chancellor overcamwe one hurdle when the San Antonio City Councilp approved the firm's rezonin application for the site. Chancellor officially closed on the acreagew latelast month, says Buchanan, who commends the efforts of the Terrellk Heights Neighborhood Association -- one of the homeowner groups in the area that had been activelh following the project.
"In the end, we came to an agreemenr we're both happy with," Buchanan says. Chancellor' end product will be "a very high-end, classw A-plus multifamily project," Buchanabn adds. The units will be clustered withinh one large single buildintg that will wrap around a structuredparking garage, Buchanann says. The living spaces will boast high-ene finishes, including granite countertops, stainless steel appliances and wood Chancellor hopes to have the complex undedr construction by June or July of this The first units would come onlinew 11 to 12 months aftereconstruction commences, he adds.