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Broadway Booming

From new residential developments to retail and revitalized homes, the Broadway corridor in San Antonio is seeing a flurry of activity.

A push from the city to redevelop downtown has included capital improvements and incentives to bring development to the area. The Center City Development Office’s Inner City Reinvestment Infill Policy (ICRIP) includes the Broadway Corridor, which means fee waivers from the city and lower permitting fees.

The San Antonio Water System (SAWS) also waives some water and wastewater fees, and the Midtown Tax Increment Reinvestment Zone includes Broadway. A portion of taxes collected in that area go back into the zone to help fund public infrastructure improvements, rehabilitation projects, restoration or repurposing vacant buildings.

The incentives and investment are working: 1800 Broadway, a multi-family project, includes 235 luxury apartment homes. 1130 Broadway, still in the planning stages, will also bring high-end apartments to the area. Nearby, the Mosaic is a mixed-use development that includes 120 residential units, and 1221 Broadway has another 300 residential units.

Residents are taking note, too. Proximity to the Riverwalk, which is getting its own upgrades, and proximity to downtown are making the corridor hugely desirable to consumers. Rents for urban infill projects, like those on the Broadway corridor, jumped in San Antonio by 30 percent from early 2012 to mid-2013.

Longtime residents are happy about the activity as well. In interviews with the San Antonio Express-News, older residents in the area said they’ve seen drops in crime and neighborhood revitalization with the growth.

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