Plans are moving forward for a 500-acre manufactured housing project on San Antonio’s South Side.
Local developer NXSTEP Opportunity Partners plans The Homestead, a 1,500-unit development near Loop 1604 and Interstate 37, the San Antonio Business Journal reported.
The project will add to the developer’s growing portfolio across Central Texas, which includes the 3,500-home Hickory Ridge subdivision in Elmendorf. The developer also has projects in Schertz, Eagle Pass and Austin.
NXSTEP Opportunity Partners has positioned itself to benefit from Texas’ explosive population and development growth. The company raised over $100 million in its first fund in 2023, exceeding its fundraising goal.
The firm sees strong investment potential in San Antonio’s development landscape, despite the macroeconomic environment. For good reason too.
San Antonio’s residential market is experiencing a significant construction boom.
Miami-based homebuilder Lennar is leading the charge, with 61 percent of all single-family permits pulled across the city in the third quarter.
In addition to building entry-level homes on the city’s South, West and Far West sides, Lennar recently launched the Elm Trails tiny-home project on the East Side, offering affordable homes priced under $200,000.
The Alamo city is also seeing a wave of adaptive-reuse projects, particularly the conversion of historic buildings into residential spaces.
Houston-based InnJoy Hospitality, for instance, is planning to convert the former Nix Medical Center at 414 Navarro Street into apartments. Construction on that 24-story property is estimated to cost $10 million, with work expected to begin this month and take about a year to complete.
Along with The Homestead, several other residential and mixed-use projects were filed during the Jan. 22 city planning commission. These include multiple subdivisions such as Lotus Urban Townhomes, Shavano Highlands, and TTS Gibbs Sprawl, totaling 1,542 residential lots.
— Andrew Terrell
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