BY: Kathleen Burke, San Antonio Business Journal
Alteza Residences above the Grand Hyatt are an anomaly for San Antonio. Walking through the front door of one of the nearly 160 condos, the sprawling view of downtown San Antonio is staggering. Looking out over the Alamodome, Riverwalk and the future Hemisfair site, everything seems to be suspended over the city: the units, the tenants, and ultimately, the prices.
Starting at $300,000 – the price of a good size home here – and rocketing past $3 million for a penthouse, most people would balk at the cost and move on. But the fact that sales for the units at 610 E. Market St. have accelerated over the past few months is indicative of a larger trend gaining traction in San Antonio, which is more people are interested in living downtown.
Alteza, which started construction back in 2007 under Austin-based Landmark Consolidated, hit the market at one of the worst points in San Antonio’s real estate cycle. The recession created construction delays, and a majority of the buyers who put down deposits either backed out or refunded due to the missed deadlines. In other words, it got a rocky start.
But things appear not only be turning around, but picking up speed.
Dustin David, the Alteza sales specialist, told me on a tour of the development that since the start of the year, condo sales have grown “exponentially.” He added that with nearby projects, the Hemisfair park, in particular, interest in the condos has sparked.
Since Feb. 1, 2015, 14 sale agreements were made, nine of which occurred in the last two weeks of March.
David added that a majority of the units have been purchased by empty-nesters or older couples that are looking to downsize and can afford the price tag. But the biggest change over the past few years has been in living preferences. Similar to those who have purchased Terremark townhouses, which are developed in up-and-coming urban environments throughout the city, more people are willing to plant their money in areas around downtown San Antonio.
David said the ability to walk everywhere and step outside right into the middle of everything has been a major draw, and surely the 24/7 room service and rooftop pool don’t hurt.
The residences have one-, two- and three-bedroom floor plans ranging from 733 to 2,137 square feet. Here are some other features catching people’s eyes:
– Located on the 25th to 34th floors of the Grand Hyatt
– Rooftop pool, spa and sun deck with lounge areas and an outdoor grill
– Catering kitchen and club room adjacent to pool
– Membership to Grand Hyatt’s 24-hour StayFit Fitness Center
– Cashless billing system at hotel restaurants, lounge, gift shop and valet parking
– 24-hour concierge services to assist with dining, maintenance services, transportation, travel, spa, golf, floral delivery, gift arrangements, dry cleaning, tickets and automotive maintenance. Basically, anything a person could need help with.
– Designer kitchens with Sub-Zero and Bosch appliances, granite finishes and premium fixtures
– Smart home technology
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