A $3.456M loan will allow Essex Modern City to move ahead with the construction of an 8-acre mixed-use development site located in downtown San Antonio.
Essex Modern City will now partner with the city of San Antonio and the Union Pacific railroad to bring 80,000sq ft retail space, 80,000sq ft of office space and around 800 apartments to a site located close to the Jose Lopez Freeway and I-37.
According to Essex Modern City, the project will build both community and commerce in a development section of the downtown region in a ‘social experiment that believes that good design and technology can create a more enriching way to live.’
Kevin Wolfer, Chief Executive Officer of Kennedy Funding, which provided the loan, commented: “San Antonio is one of the fastest-growing cities in the United States. Real estate values in the metro area have appreciated 40 per cent since 2015. All Essex Modern City needed was the funding – everything else was in place.”
