By Camelia Bulea, Associate Editor
A 120-acre mixed-use project developed by Wereldhave in San Antonio is currently under development. Called Éilan, after the French word élan (meaning “vigor” and “distinctive elegance”), the development will include offices, retail, a hotel and apartments. The project will be developed in two phases, and is expected to cost approximately $400 million to complete. According to the San Antonio Express-News, phase one will open later this year.
The Netherlands-based developer bought the property in 2005 for $18.5 million. Six years later, the property is valued at more than $70 million. In 2009, the construction of the 205,000 square feet of Class A office space and 60,000 square feet of retail was completed. The two office buildings currently have one tenant – Security Service Federal Credit Union – but in the near future four other businesses are expected to lease office space in the buildings.
Still under construction is the 186,000-square-foot hotel, which will include a fitness center, indoor lap pool, outdoor pool with waterfall and swim-up bar and restaurant that features contemporary Southwestern cuisine. The brand under which the hotel will operate has not yet been made public.
As for the residential segment of the project, about 500,000 square feet of residential space will be soon available for rent. The project includes 539 units that range from studios to three-bedroom apartments. The residents will be able to enjoy all the development’s amenities, including a dance studio, a rail line for a solar-powered trolley, an amphitheater and a chapel.
The second phase could begin if the need for residential spaces increases to about 1,400 units.