San Antonio - The Vistana ~ From Parking To A Penthouse

Armed with a background in accounting Developer Ed Cross took advantage of the 1980's RTC blowout fire sale purchasing properties for 50% of their value. He realized that he could get larger returns from warehouses and parking lots as opposed to commercial office buildings which always required tenant improvements. Warehouses, garages, and parking lots only required a thorough sweeping as tenants came and went.

The land where the Vistana sits was initially supposed to be a simple parking garage to improve downtown traffic flow. Today it’s a 14 story 247 unit apartment complex with several amenities. Mr. Cross gave us a tour as he expanded on his lessons learned. Mr. Cross placed emphasis on being patient stating that deals take time and that there is often a lag of progress. Most large land assemblages can take several months and in some cases years.

Mr. Cross stated he would often think of the Vistana project go back over the details. He noted that even experts make mistakes. He gave us an example of the trash shoot. Its original layout was not designed to deal with boxes. The trash shoot would have to be modified thereby increasing the costs. The facility includes storage units however there is no major demand due to the tenant mix of single men with lack of items to store. In spite of all the studies indicating that the area lacks 2700 odd parking spaces the garage is performing below expectations. A retailer backed out due to the economic downturn but I believe the retail space is poised for the right restaurant.



The property is currently meeting all debt service requirements. Residents can enjoy true urban living in this plush property which is only mere minutes from the river walk.



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