Morgan Group Trades Affordable Housing Mandate for Tax Exemptions – Robert Khodadadian
The San Antonio Housing Trust Public Facilities Corporation (PFC) struck a partnership agreement with Houston-based developer The Morgan Group last week. The San Antonio Business Journal reported the agreement exempts the developer from some property taxes ($756,000) in exchange for increasing the number of affordable units in the properties and collaboration with tenant-focused city services.
Both projects — Caroline at Salado Creek and Caroline at Sonterra — are expected to cost $72 million to build. The Salado Creek project is coming to the Brooks area, just east of the planned San Antonio Arboretum. The Sonterra development is being planned for a spot near the intersection of East Sonterra Boulevard and Loop 281.
Of the 359 units planned for Salado Creek, half of those are earmarked as affordable. One hundred twenty-six units will be restricted to 80% of the area median income, 37 units will be 60% AMI and 18 units will be 50% AMI.
That same mixture applies to the 301 units slated for Sonterra. Morgan’s Caroline at Longhorn Quarry recently started accepting tenants (see photo).
The post Morgan Group Trades Affordable Housing Mandate for Tax Exemptions appeared first on Connect CRE.
The San Antonio Housing Trust Public Facilities Corporation (PFC) struck a partnership agreement with Houston-based developer The Morgan Group last week. The San Antonio Business Journal reported the agreement exempts the developer from some property taxes ($756,000) in exchange for increasing the number of affordable units in the properties and collaboration with tenant-focused city services. …
The post Morgan Group Trades Affordable Housing Mandate for Tax Exemptions appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate