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Friedrich Lofts

Project Impacts

Back to Project Details: Friedrich Lofts

Note: At the time of this report, SDS is in the process of collecting additional data from the project sponsor, development team consultants, local government officials, community stakeholders, and others to assess the full scope of the project’s impacts in the context of the surrounding community. The projected impacts below are based on the ASREF CRA Analysis. For more information on Impact Report methodology, please see section 1.3.

Impact on
LMI Individuals
& Communities

Friedrich Lofts will bring critical affordable housing to an area of the city conveniently located to the Central Business District. As the multifamily supply is being added to the Greater Downtown Area submarket, vacancies currently match the rate of two years ago. New supply in outer areas such as the East Side neighborhood provides a cheaper alternative to the costlier units in the Central Business District and is only a short bike, bus ride, or drive to the amenities that the Eastside has to offer San Antonio. 

Not only will providing decent, affordable housing opportunities for low, moderate, and middle-income families foster community development, but redeveloping the long-vacant site will also meet a top community priority and draw more retail development.

Economic
Development
Impacts
AREA REVITALIZATION

The redevelopment of the Friedrich Campus serve as a catalyst for development in the East Side area, which has seen increased blight and has been identified as a point of emphasis in City development.

Several new projects are coming to the corridor including a medical research hub, transformation of the former AT&T building complex into CPS Energy’s $210 Million headquarters and GrayStreet Partner’s plans for a 20-story hotel and office and the transforming of 23 acres of land across the street from the Pearl District into a massive mixed-use development.

ALIGNMENT WITH LOCAL REDEVELOPMENT PLANS

The project is located within a City of San Antonio initiated Tax Increment Reinvestment Zone, “TIRZ”, which are areas designated as a response to community need. This  TIRZ (#11 Inner City) was designated in 2000 to support redevelopment and public infrastructure improvements within the boundaries of the following three enterprise zones: 1) Enterprise Community Enterprise Zone 2) Eastside Enterprise Zone 3) Southside Enterprise Zone. These areas encompass portions of the City’s downtown, east and south sides. The zone is approximately 2.5 square miles and is expected to capture $16.5 million in tax increment in its life of 14.79 years.

Environmental
Impacts

Friedrich Lofts is a Transit-Oriented Development. The project’s location provides convenient access to public transportation, provided along East Commerce Street. The East Commerce and Olive Street bus stop is located within 500 feet of the subject site. 

Additionally, the project will undergo environmental remediation, and serve to remove a significant point of blight in the demolition and redevelopment of the existing warehouse structures, historically used as industrial refrigeration.