SAN ANTONIO │ Villita Street Tower │ 284 FEET | 24 FLOORS │ Pending

[KevinFromTexas]

Originally Posted by starvinggryphon

Unfortunately I can't find the article for the life of me, but... I remember reading somewhere that this project was indeed dead but thankfully the investment was funneled instead to Weston's projects (the 32 story residential building and Riverplace).

The article below said the project "fizzled".

https://saheron.com/weston-urban-hig...owntown-growth

Last year, the San Antonio Housing Authority board of commissioners voted to pursue a partnership with JMJ of Dallas on twin, 24-story apartment towers kitty-corner to the Tower Life Building, but that mega project fizzled.

[Dan In Real Life]

Originally Posted by cibolo

this project is still mentioned on the JMJ development site so who knows?

I personally wouldn't put too much stock into the fact it's still listed on their site. JMJ hasn't been a credible company since they first proposed this tower years ago. Also, just from taking a quick look at their website it doesn't seem like it's been updated in almost a year and the renderings for the tower on the site are the old ones, not the new ones with the separate parking garage they released when they announced their partnership with the city before COVID.

I was curious how some of their other projects were going so I did a quick search on the project listed right after the Villita Tower on their site - the Mansions at Marine Creek. It looks like the LLC JMJ formed for this project filed for bankruptcy late last year (https://businessbankruptcies.com/cas...rine-creek-llc). Granted, I only looked up this one project, but it feels like there's a pattern of mismanagement here.

Unless we actually see dirt moving, I'd put this project in the "dead" column.

[LSP]

I know consensus is that this project is dead, but looking at San Antonio's Public Works Department list for downtown Lane closures, they still have JMJ Towers listed as a future construction project with date TBD.

This project is giving me grey hairs.

[Rynetwo]

Properties once eyed for 24-story towers sell to developer, could see similar project

JMJ previously proposed two 24-story towers on the properties, one of which — the Villita Tower — would have been a partnership with the San Antonio Housing Authority. It was last reported on by the Business Journal in 2019.

That deal fell through, according to SAHA. Neither tower projects have come to fruition.

Newstream is reportedly working up plans for the site. It is considering what was proposed by JMJ but also leaving open the possibility for another kind of development, President and CEO Tim Nystrom told the San Antonio Heron.

https://www.bizjournals.com/sananton...wers-sold.html

[Tornado]

Surprise surprise, the president of JMJ is facing wire and securities fraud. Just goes to show, if some company proposes some wow development and said developer has no real track record of developing high end projects, it’s probably too good to be true.

https://www.expressnews.com/business...d-17470344.php

[wmdwms]

I would say I told you so, but my post that this developer could not be trusted was deleted.

[theOGalexd]

I get the feeling stuff like this is rampant in the development game.

After seeing this, it makes me wonder about a few other big shot projects in town that are in limbo lol.

[CWalk99]

This isn't the most substantive update, but seeing as its now been a year since the article about Newstream acquiring the land came out, I wanted to double check on some of the projects that I assumed were either dead or under an indefinite pause of sorts. I did see this on Newstreams website a while back where they make mention of purchasing the land, and now on there they are also claiming to be developing that original single-tower proposal. Just wanted to share in case anyone was wondering about this spot but I'm still going to take this with a grain of salt for now


https://newstreamcapital.com/villita...an-antonio-tx/

[Tornado]

nice find. I like they show a completion date of winter 2024...suuuure

[theOGalexd]

I hope something happens here. All those massive surface lots by the Tower Life building are such an eyesore.

[JACKinBeantown]

I would prefer to have that one particular block be short though, so it doesn't block the view of Tower Life from "down stream."