Weingarten Sells Movie Theater Site to Koontz for Multifamily Development

SAN ANTONIO – (Realty News Report) – Weingarten Realty has sold a former  movie theater property to San Antonio-based Koontz Corporation, which will build an apartment complex on the site.

Koontz announced it will break ground in early 2022 on a new 300-unit class A multifamily apartment community at 12631 Vance Jackson Road on the site previously occupied by the Regal Fiesta movie theater.

The project site is at a high-traffic regional intersection near the University of Texas at San Antonio, Fiesta Texas, the South Texas Medical Center and the Fiesta Trails Shopping Center, which ranks as one of the area’s largest shopping destinations outside regional malls. Its national tenants include Sam’s Club, H-E-B, Walmart Supercenter, Home Depot, Marshalls, Bob Mills Furniture, La-Z-Boy and Petco.

Residents will enjoy direct access to IH-10 through Fiesta Trails retail, as well as proximity to Loop 410 and Loop 1604.

After purchasing the movie property from Weingarten,  Koontz successfully petitioned the San Antonio Zoning Commission to rezone the tract to allow the residential development.

“We are excited to bring a high-quality multi-family residential development to this vital area of San Antonio,” said Koontz Corporation President and CEO Bart Koontz. “Due to its ideal location and ample nearby retail and restaurant choices, introducing this residential project essentially makes it the k ind of mixed-use development that is in high demand and will have strong appeal for young professionals.”

Situated on 10.36 recently rezoned acres, the four-story Fiesta Trails Apartment Community will offer 300 l one- and two-bedroom apartment residences with amenities including two swimming pools and a dog park. The development will encompass 267,000 square feet and have a 1.76 parking ratio.

Koontz Corporation recently purchased the property from Weingarten Realty and successfully petitioned the San Antonio Zoning Commission to rezone the tract to allow the 300-unit residential development.

Koontz Corporation, which will serve as developer and general contractor, is partnering with Garcia + Associates Architect and Pape-Dawson Engineers Inc. for the development, which is expected to be completed sometime in 2024.

The Fiesta Trails Apartment Community will bring the total number of multifamily projects in Koontz’s portfolio to 22, for a total of 5,732 units comprising 6,005,684 square feet. In addition to multi-family, the scope of Koontz’s properties includes office, medical office, industrial/flex and retail.

“San Antonio is our home and one of the fastest-growing most exciting cities in the nation, with a flourishing, diverse economy and a rich cultural heritage,” said Koontz. “It is a wonderful place to live and work, and anytime we can enrich our city’s infrastructure by offering high-quality residential spaces, we are proud to do so.”

July 17, 2021 Realty News Report Copyright 2021

For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up  by Ralph Bivins. Available on Amazon  http://tiny.cc/4a2g6y  

Houston 2020 Ebook version  https://tinyurl.com/4xm7z8b5    

Image: Courtesy Koontz

File: Koontz. Multifamily. San Antonio

Weingarten Sells Movie Theater Site to Koontz for Multifamily Development

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