SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on Palladium Old FM 471, a $79 million mixed-income project located on an 11-acre site in San Antonio. The community will offer 321 apartments in one-, two- and three-bedroom layouts. Units will be reserved for households earning between 30 and 80 percent of the area median income.
Community amenities will include a pool, fitness center, conference room, business center, dog park and a children’s playroom. Preleasing is scheduled to begin next fall.
Palladium USA is developing the project in partnership with Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project.
Cross Architects is designing the community. HPA Design Group will provide interior design services. Brownstone Group will serve as the general contractor.