NRP Group is set to move forward with a new mixed-use development at Brooks, the former Air Force base. The $78 million project will include 349 market-rate apartments and retail space and is expected to break ground in November. This venture is made possible through a partnership between NRP Group and the Brooks Development Authority, with construction taking place on the northwest side of Loop 410 and Interstate 37 interchange.
According to sources from the San Antonio Business Journal, construction will take approximately 22 months, with units becoming available for occupancy within 16-17 months.
The apartment buildings will occupy about 13 acres on the northern portion of the site which NRP Group has leased from Brooks for an initial rent of $75,000 per year with an annual increase of three percent. Leasing for retail spaces will be handled by Brooks.
Alta Architects, a local design firm has been selected as part of this project.
Brooks continues its efforts towards developing various housing options including affordable-rate projects as well as build-to-rent developments alongside market-rate developments.
