Our investigations have confirmed that the large multi storey building goings up near the entrance to Falconhead on 620 are not going to be condos, but apartments (for rent, in other words).
Having called and visited the site of developers Embrey Partners in San Antonio it has been confirmed that 316 apartments will go on the market for rent any day now. A sales team has just started working on the project.
The project is now called the "Estates at Bee Cave".The property has grandfathered zoning, so either condos or apartments are permitted but the City of Bee Cave has for some time been saying they had been told they would be condos.
When we reached out to City management for comment, our note was forwarded to the developer and a senior spokesman replied (again via the City) -
"...as I made clear in the public hearings, our intent was to build the property to our condominium specs and rent them like apartments until such time as the market made it feasible to sell the units as condominiums. You might recall that our condominium declaration documents were a part of the required submittals as we went through the entitlement process with the City and, combined with our condominium land units formation and condominium association, set up the opportunity to make the conversion to sell units when the market dictates.
The opportunity to make this strategy clear presented itself in multiple hearings before the City Council and Planning Commission including discussion about the fact that financing for the project as a “for sale” product did not exist at the time we began the project and, therefore, the units would be rented until such time as the market made the sale of units an aviable alternative for us."