Pre-construction work set to begin on $92.9M Friedrich Lofts on San Antonio’s East Side
https://saheron.com/friedrich-lofts/
This month, crews are scheduled to begin the environmental abatement process on the ruinous Friedrich industrial site on the East Side, preparing it for the construction of the mixed-income 358-unit Friedrich Lofts.
The $92.9 million project is a public-private partnership between the San Antonio Housing Trust, a city of San Antonio nonprofit, and Dallas developer Provident Realty Advisors; and it’s poised to breathe life into the four-acre Friedrich site after it has sat mostly-vacant for decades.
The project has also been controversial as the Housing Trust’s board of directors, composed of City Council members, has wrestled over the past four years with giving the Friedrich a property tax exemption, which the Housing Trust has the power to do under state law, in exchange for apartments largely not considered affordable by the city’s own definition. Ultimately, the trust’s board has been swayed, during various stages of approval over the years, by the argument that developing a site that has sat mostly unused for more than 30 years outweighed concerns about its lack of true affordability.
Overall, the Friedrich Lofts will include 173 market-rate units, 155 units priced for households making up to 80 percent of the area median income (AMI), and 24 for people making up to 60 percent AMI. The city defines affordable apartments as those priced for people making 60 percent AMI or less.
[ Scroll down for a chart showing various AMI levels. ]
The former home of the Friedrich Air Conditioning Co., the site contains 14 structures on four acres that were built from 1923 to 1956. The three buildings facing the 1600 block of East Commerce Street, including the one that supports the neon “Friedrich Refrigerators” sign, are owned by a group headed by John Miller of Dallas, and will remain. There’s another structure on the back end of the site also owned by the Miller group.
The others will be demolished.