VersaTerra Plans $1.2 Billion Community in San Antonio

VersaTerra Development got the greenlight to construct 5,000 new homes in a residential market booming with large-scale projects.

The local developer, in partnership with the Garza family, will begin developing Condalia, a $1.2 billion master-planned community spanning 2,000 acres on the city’s Southeast Side, the San Antonio Business Journal reported.

The project is expected to deliver thousands of homes, plus multifamily and commercial space over the next 15 years, making it one of the largest developments in the region.

The San Antonio City Council’s approval included the annexation of more than 700 acres into the city and the formation of a tax increment reinvestment zone to fund public infrastructure.

VersaTerra, led by CEO Paul Basaldua, is set to start construction on the first phase of 150 home lots by the end of the year and is in talks with several homebuilders.

Nearly 70 acres of the development will be dedicated to multifamily. Fifty acres will be allocated to the San Antonio Housing Trust for affordable housing initiatives.

The project will also deliver 171 acres of commercial space, including retail and office. Commercial development will follow once residential areas are established.

Over 420 acres of the development will be set aside for industrial use, with the goal of attracting manufacturing and other heavy industrial projects.

Condalia is the latest in a growing number of large-scale residential projects contributing to San Antonio’s booming market, which is the homebuilding capital of Texas. Notably, Johnson Development Services and Heartwood Development Company are working on an 800-acre community with 2,000 homes on the city’s Far West Side.

— Andrew Terrell