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MARKET UPDATE: Healthcare Industry Sparking Development City Wide

The health care market continues to be a strong industry in the city, as it sparks not only the arrival of new businesses but also developers to create more residential space near hubs of health care services.

 

Medical Center

Presidium Group, a Dallas-based development firm, recently bought The Landmark apartment complex close to the South Texas Medical Center.

The Landmark, Courtesy Presidium
The Landmark, Courtesy Presidium

Specifically, Presdium has filed a permit for a $26 million, 245-unit luxury apartment complex at 8639 Fairhaven St., near Wurzbach Road and Interstate 10. Officials with Presidium said they chose to build atop the vacant 8.2-acre tract there because of the high number of health care-related jobs and mid-range rent prices in a densely populated part of town. Construction is due to begin in August; apartments are slated to open up in early 2017. The apartment complex will be a four-story building serviced by an elevator. Features will include a pool, exercise space, WiFi and coffee areas. Presdium’s decision follows similar moves made by other developers to pursue projects in and around the South Texas Medical Center. It’s where millions of dollars in reinvestment have been made in the way of improving or expanding medical facilities, building new health care complexes and even a roadway going beneath Fredericksburg Road, giving emergency vehicles quicker access to hospitals.

Baywood Hotels opened the Hampton Inn and Suites earlier in June, and the 612-unit Signature Ridge was sold to RailField Realty Partners and Artemis Real Estate this winter.

 

1604

Meanwhile, the City Council recently approved a $1 million incentives package for Cytocentrics, a biotechnology company that is moving its

UTSA Vice President for Research Mauli Agrawal and Cytocentrics CEO Dr. Jim Garvin, Courtesy UTSA
UTSA Vice President for Research Mauli Agrawal and Cytocentrics CEO Dr. Jim Garvin, Courtesy UTSA

headquarters from Rostock, Germany, to San Antonio. According to company officials, Cytocentrics had received more lucrative offers from other cities, but they felt that San Antonio had more to offer in the way of workers skilled in health care and a thriving related industry. The firm has already had its eye on office space at Targeted Technology, a Stone Oak-area venture capital group focused on early-stage investments in health care and bioscience companies. Cytocentrics develops technology that enables researchers to better understand how human cells react to medicine. It plans to initially operate out of the Targeted Technology space with a plan to increase the number of positions locally over the next few years. Cytocentrics employs about 50 people around the world in total.

Other local health care-related businesses and organizations are making a dedicated push to remain highly visible in San Antonio thanks to a still-hot industry and rising population. The Inwood Medical Office Building is under construction near Bitters Road and Loop 1604. When it opens later this year, San Antonio Eye Specialists will be an anchor there. The Bexar County Medical Society broke ground on a new main facility recently along Loop 1604 at Northwest Military Highway.

Bexar County Medical Center, Currently Under Construction
Bexar County Medical Center, Currently Under Construction

Victory Healthcare’s recent announcement to file for Chapter 11 bankruptcy protection puts into limbo the fate of The Woodlands, Texas-based company’s Victory Medical Center Landmark campus in northwest San Antonio. The fate of Victory Healthcare’s medical facilities such as this one in northwest San Antonio, will be decided in bankruptcy proceedings. Based on the San Antonio healthcare market, Victory’s appears to be an isolated case.

Rendering of Victory Healthcare's facility
Rendering of Victory Healthcare’s facility
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