SAN ANTONIO | Mira | 130 FEET | 11 FLOORS | Site Prep

[Keep-SA-Lame]

https://www.bizjournals.com/sanantonio/news/2023/03/24/pearl-area-mira-land-for-sale.html

Land intended for a 10-story, mixed-use development steps away from the Pearl has been put up for sale by its original developer. The 1.55-acre parcel of land at 1216 East Elmira Ave. — owned by Austin-based Sabot Development — was put on the market by JLL this week, according to marketing materials

The Mira project — announced in 2021 by Sabot Development — is outlined for 299 apartment units, 11,660 square feet of retail and 426 parking spaces. According to the marketing materials, the land is fully entitled to deliver a project to those specifications.

Sabot officially acquired the land in 2020, with Bexar County records showing a $6.5 million loan from Guaranty Bank & Trust tied to the move. Final design approval was given to the project by the Historic Design and Review Commission in 2021, with construction planned to start in January 2022. Demolition on the existing building on the site was done soon afterward.

Leading the sale is Robert Arzola and Joe Dowdle, both senior directors of capital markets at the brokerage. In an interview with the Business Journal, the brokers indicated that Sabot Managing Director Jim Young had received a lot of interest in acquiring the site or partnering with him on the land before it officially went up for sale.

"Given just how awesome the project is and how great the location is, I think there's a lot of other people that want to develop this project," Dowdle said. "So, we're going to go try to get one of them."

Dowdle added that Young would be open to having some level of involvement in the project moving forward.

"He's open to a lot of different ideas on deal structure," he said.

Arzola said that it's a rare chance to take part in an ecosystem swept up by the area's decades-long transformation.

"The site presents a once-in-a-lifetime opportunity for a developer to make a positive impact on our city," he said.

In January 2023, Sabot purchased a plot of land not too far away at 1316 Austin St., across Broadway from the Pearl area in the fast-growing Government Hill neighborhood, taking out a loan of about $852,000 from Hornet Capital to help finance the deal.

Young did not return requests for comment by publication time.
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