A new retail and housing development is targeting the University of Texas at San Antonio’s record-breaking growth.
La Cantera Crossing, a development spearheaded by Affinius Capital (formerly known as USAA Real Estate) and Barshop & Oles Co., will feature 30,000 square feet of retail and a purpose-built student housing community with 182 units and 563 beds.
San Antonio-based Affinius Capital and Barshop & Oles own the 10 acres situated at the intersection of La Cantera Parkway and Loop 1604 on the Northwest Side. The development groups originally planned to build a 38,000-square-foot retail center anchored by Alamo Drafthouse in 2019, but when COVID hit, the movie theater pulled out, forcing them to pivot.
That’s when Dallas-based Phoenix Property Co. presented a new opportunity for the developers to tap. The company has previously built student housing, including for the University of Washington in Seattle. At the end of May, it acquired 4.6 acres from Affinius Capital and Barshop & Oles.
Bryson Marshall, development partner at Phoenix, said the company was tracking UTSA’s growth and wanted to fill the gap in student housing. The university is undergoing a historic expansion after recently surpassing 42,000 students with record freshman classes. The last time a private student housing community was built for UTSA was in 2014.
The La Cantera student housing will be four stories with a majority of the units being a four-bedroom setup averaging around 1,100 square feet. Amenities include a pool, outdoor-indoor fitness centers, courtyards and a coworking space. It’s estimated to cost $45 million, according to a filing with the Texas Department of Licensing & Regulation. Phoenix began construction shortly after acquiring the land and plans to deliver it in August 2028, in time for the academic year.
Barshop & Oles Vice President and partner Wade McGinnis said the company plans to break ground on the retail portion early next year. The project is in the preleasing stage and hopes to attract casual dining operators, retailers and service users.
“From a retail perspective, this site checks a lot of boxes,” he said. “There’s a strong daytime population in the Loop 1604, I-10 West submarket. The site is directly across from UTSA’s main campus, the Shops at La Cantera and near Six Flags and the Rim. The retail buildings will have excellent visibility, and it has all the ingredients for a successful shopping center.”
