Brooks Development Authority, the organization responsible for redeveloping the former USAF base near San Antonio, has announced plans for two new apartment complexes. The first complex, Brooks Family, will consist of 340 units and will be located at Research Plaza and Challenger Drive. The second project is Brooks Senior, a 240-unit senior living community adjacent to Brooks Family.
In order to fund these projects, Brooks intends to apply for housing tax credits from the Texas Department of Housing and Community Affairs. These units will be available at affordable rates ranging from 30% to 70% of the area median income.
The total development cost for both projects is estimated at $139.5 million with $85.8 million allocated towards building the apartments and $53.7 million towards constructing the senior facility. Lincoln Avenue Capital and San Antonio Housing Trust are partnering on these developments.
Construction is set to begin in July of 2024 with completion expected by July of 2026.
