An engineered 17-story building that rises along the River Walk stands out from its neighbors for several reasons.
It will pump 63 luxury apartments catering to the needs of people who seek an urban lifestyle in an area long dominated by hotels and office buildings.
It will also be modern, with uneven floors laid out in three levels, simple modular designs and an automatic parking system.
Named after a bridge and flood gate near it, the Floodgate building is expected to be completed at 143 E. Commerce St. in April 2023 for more than $43 million.
The Floodgate development in downtown San Antonio will include high-end finishes and floor-to-ceiling windows.
Courtesy of Road PartnersDeveloper Keller Henderson expects the building to attract urban transplants from cities like Los Angeles, New York, and Chicago, as well as locals interested in walking to restaurants, bars, and entertainment venues.
Floodgate is located between Hugman’s Oasis, Esquire Tavern, and the Canopy by Hilton San Antonio Riverwalk, which includes a restaurant and bar. It is located near the Aztec, Charline McCombs Empire, and Majestic theatres.
Henderson said other apartments that have been built downtown, around the Pearl and in Southtown, have been “very successful” and the size and location of Floodgate is unique.
“We felt like we had a winning combination,” he said.
Other housing projects are also in the neighboring works.
The Floodgate development in downtown San Antonio is expected to be completed in April 2023 for more than $43 million.
Courtesy of Road PartnersWeston Urban is constructing a 32-story high-rise with apartments and retail, and plans to rehabilitate the Continental Hotel and the Arana Building and build an apartment building in between. Zachry Hospitality is leading a mixed-use development that includes housing, shops, restaurants and a hotel in Hemisfair.
The Floodgate apartments will feature high-end finishes and floor-to-ceiling windows, and will range in size from 850 square feet to approximately 2,300 square feet.
Most of them will be one-bedroom units, and some will have terraces. Henderson declined to specify the rents that he said would be “competitive with other luxury properties in the community.”
The approximately 100,000 square meter building will include a two-level restaurant with al fresco dining on the riverwalk. The tenant is not specified.
Residents will have access to a billiards room, petting zoo, outdoor spa pool, BBQ grills, fitness center, yoga studio, and a private dining room that can be booked for events.
Floodgate will use PARKPLUS automated parking system with space for 56 cars on two levels. Videos on the PARKPLUS website show a driver entering a kiosk, exiting the vehicle, and entering information on a device. The robot then drives the car away and stores it until the driver wants to retrieve it.
The Floodgate project in downtown San Antonio is built on approximately 0.2 acres, which makes the project’s logistics challenging.
Courtesy of Road PartnersFloodgate has been in business for years, with designs first appearing publicly in 2016.
Henderson is a San Antonio native who moved to New York and later returned to his hometown, where he has an interior design firm in Olmos Park.
He cited the company’s relocations and renovations of several historic homes as design projects he was working on in New York, and he developed a small hotel in Costa Rica.
The building in which Floodgate is being built was formerly occupied by several buildings that were empty or home to a hot dog shop, payday lender, and convenience store.
Most of them were demolished, and one was renovated for Hogman’s Oasis.
Henderson said Floodgate was a challenging project because of the property’s size — about 0.2 acres — and knowledge of logistics, such as where to put materials and how to get trucks in and out.
The architecture of the building required the use of more reinforcement materials. Getting the financing — which came from Laredo-based Falcon Bank and equity partners — was also tough.
“A lot of people looked at him and gave me back my paper,” Henderson said.
Floodgate also received an estimated $3.9 million in fee and loan waivers and a tax hike grant through the now-defunct City Center Housing Incentive Policy, which was intended to spur further development downtown.
Henderson is working on another downtown project at 200 E. Main Plaza, where he is renovating an office and restaurant building. He said he is in the process of getting tax breaks for the business and expects to finish it in November.
