Alamo Ranch: San Antonio’s Stability and Momentum
SAN ANTONIO, Texas, July 16, 2008 – Two years of hard work are coming to fruition for the developers and leasing agents of Alamo Ranch retail center. On July 30th, Archon and United Commercial Realty will mark the occasion with a ceremonial ribbon-cutting celebrating not only the completion of the majority of construction and the retailers opening their doors, but the individuals throughout the city of San Antonio who assisted in making this retail center a reality.
With much of the nation experiencing the gloom and doom mentality regarding the residential housing market crisis, fear of rising gas prices and a faltering economy; San Antonio remains a bright spot. Here in San Antonio median home prices continue to rise at a moderate rate and as of May were estimated at $155,100. Affordable housing and reasonable cost of living buoyed by the resilient economy have led to San Antonio’s standing as a desirable place to live, work, invest and play. Forbes has ranked San Antonio the number “2” recession proof city in the nation and in a recent report released in June, the US Census Bureau ranked San Antonio among the Top 10 cities in the nation for population growth. The local economy continues to grow as well, with more opportunities pouring into the city through such high-profile projects as the $550 million Microsoft data center, the BRAC military initiative bringing in more than $2 billion in construction, jobs and up to 17,000 new residents to San Antonio, in addition to what the bioscience and medical industries provide.
The 950,000 square foot Alamo Ranch retail center, located on the popular west side of San Antonio at Loop 1604 and Culebra; is a direct result of San Antonio’s stable and diverse economy, forward-thinking local government, willing investors, the knowledge and experience of the leasing agents and a unique opportunity for growth and expansion on the city’s West Side. The Alamo Ranch trade area has experienced the majority of the city’s home building during the past three years with the expectation that over half of the city’s homes, conservatively estimated at 60,000 houses, would be built on the West Side over the course of two decades. Additionally forecasters anticipate that the trade area will serve over 260,000 people by 2012 and has a current daytime population of over 75,000. Just shy of one (1) million square feet, Alamo Ranch will clearly be the dominant retail center in the trade area.
Over 60,000 employees are located or will be locating within the immediate vicinity of the Alamo Ranch trade area. Major employers in the area include Wachovia, JPMorgan Chase, QVC, Sea World, SwRI, the National Security Agency (NSA), the Lowe’s call center, the future Microsoft data center currently under construction that will bring 75 white collar jobs to the area, and the future Methodist Hospital planned across from the Alamo Ranch retail center. The abundance of jobs has generated the growth and desire for more homes. Alamo Ranch retail center is meeting the needs of these residents, thanks to the leasing expertise and proficiency of Guyla Sineni and Nick Altomare of UCR, by providing access to national anchor tenants such as Super Target, Best Buy, Office Max, PETsMART and the highly anticipated Dick’s Sporting Goods; a new retailer to San Antonio market. Best Buy, Office Max, PETsMART and Mattress Firm (the company’s 500th location) have already opened their doors; receiving an excellent response from the community. Super Target, Books-A-Million, JC Penney, and many other stores are scheduled to open by the end of the month.
San Antonio’s retail sector continues to forecast positive growth for the year with consistent vacancy rates and in-line projections for the five-year average for new development. According to Kim Gatley, the sector also has much to celebrate with 4.7 million square feet of retail currently under construction scheduled for completion in 2008. Alamo Ranch is a part of that energy, driving San Antonio’s status to new peaks.