With 32-story high-rise, Weston Urban is making a big bet on demand for downtown San Antonio housing
The average rent among those complexes is $1,435 per month and average occupancy is 91.1 percent, up about 15 percent and 4.6 percent annually, respectively.
“It has just been within the last year that have gone up enough for an appropriate rent on a downtown investment to make a new project feasible,” Davis said. “This 32-story tower will become an important symbol and a part of San Antonio’s skyline ... and in addition, sends a clear signal that San Antonio continues to move in the right direction,” Mayor Ron Nirenberg said at the groundbreaking ceremony.
The firm will also get a six-year, 40 percent abatement of Bexar County taxes, which is worth about $712,917.Smith said Weston Urban is confident there’s interest in high-rise living downtown, particularly as the metro area’s population is swelling, and noted that 300 Main isn’t the firm’s only residential project downtown.
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