The Maverick Building has a new look and purpose. Local developer David Adelman’s firm, AREA Real Estate, has revamped the famed downtown structure as a multifamily rental complex. AREA and its partners renovated and restored the building, which accommodated office space for a variety of businesses and even some state agencies for decades, from its opening in 1922.
The building was named after its original owner and builder, George Maverick, son to Samuel Maverick, one of the signers of the Texas Declaration of Independence. The building was built on the site of the old Maverick Hotel, which for a time served as the city’s military headquarters until 1881. A downturn in the downtown office space industry sparked closures of businesses and many tenants began departing the Maverick. As vacancies piled up, the building went into decline into the 1990s. It sat abandoned until 1996 when it was renovated to house low income apartments. In 2014, the Maverick was vacated for renovations for more urban, contemporary apartments.
The city partnered with AREA to have the Maverick to become part of San Antonio’s goal of increasing the downtown housing portfolio, especially affordable housing options in the urban core. The city invested nearly $1 million into the project. Adelman, his project partners and city leaders gathered May 9 at the Maverick to celebrate the grand opening of the new apartment complex. There are 86-units in all. Prices at the new Maverick Apartments start from $790 for studio (measuring about 300 square feet), to $1,075 for one-bedroom units, and $1,559 for two-bedroom units (800 square feet).
District 1 City Councilman Roberto Trevino said the Maverick Apartments are designed to help shore up the stock of affordable housing for downtown residents who enjoy the Houston Street entertainment district, and for those who work in the downtown high-tech sector. City Manager Sheryl Sculley said it was a challenge for the project partners to renovate and modernize the Maverick while preserving its historic elements. The structure has retained its original corridors and windows. Its famed rooftop neon sign is now a solar-powered sign with LED lighting.
Community amenities include a communal gourmet kitchen, speakeasy-type lounge with a poker table and a music room, and retail space on the ground floor. Rental units include Nest-brand thermostats that are programmable, self-learning, sensor-driven, and Wi-Fi-enabled. Other individual features include oak wood floors, vintage-inspired sink consoles, custom container storage closets, and keyless FOB entry. G.W. Mitchell Construction carried out the restoration. Clayton and Little Architects handled the design. Broadway Bank financed the project. The Lynd Co. is the property manager.
For details, visit www.maverickbuilding.com.