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This 1/2 + acre site is the last open development property in Mahncke Park, 5 minutes North of downtown San Antonio, walking distance to major parks and universities.
He is looking for an Investor that would finance the construction of the 1st of 4 MPNA compliant housing units. Final size and design features will be as guided by the
Realtor of Record, who is responsible for marketing the units. It is his intention, that no further costs be expended until obtaining an Investor Commitment.
The 300 block of Carnahan, West of North New Braunfels, in the MPNA area, is the example of the intended final design. Photo attached.
Upon Investor Commitment, the property known as 316 Pinckney Avenue will be placed as an asset in Pinckney Avenue Development, LLC, along with other assets related to the creation of this project, such as, but not limited to, City of San Antonio, Center City Housing Incentive Program, (CCHIP). The CCHIP will waive certain fees and permits, as well as related tax abatements. Conservatively, the program relates to a 9% to 12% reduction in the completed project costs.
For Investor Confidence, mechanic liens in favor of the Investor, will be placed on the 2 lots that the 1st unit is to be built on. In addition, a Fiduciary Bond for the usage of the funds will be in place, with Investor rights to audit the construction expenditure account. A Life Insurance Policy, in favor of the Investor will be executed on the Developer
