LEON VALLEY, TX—There are several planned and ongoing business expansions that will add new jobs during the coming years. Call centers and manufacturing jobs are growing, and have become major sources of employment in the past 20 years, according to information provided by the San Antonio Economic Development Department.

Providing a significant impact is the concentration of medical service-related jobs in the San Antonio Medical District area. Other businesses are in the service industry, retail and wholesale, healthcare, and finance, insurance and real estate industry. Two of the area's largest employers, USAA Insurance and the San Antonio Port Authority are short commutes from Leon Valley.

Nielsen Claritas estimates that the metro's population rose 1.3% annually from 2010 through 2016, and projects that it will increase 1.3% per year to 179,027 by 2021. The metro area is expected to gain 965 households including 424 renters annually through 2021, GlobeSt.com learns.

One apartment community that is expected to benefit from employment proximity and the need for housing is Valencia Lofts, a new market-rate apartment community under development. The site is currently vacant and will be a sister project to Barcelona Lofts, the developers' adjacent multifamily project. The San Antonio Medical District is located approximately 2.5 miles northeast of the subject.

Valencia Lofts will offer 192 one-, two- and three-bedroom units in 14 garden-style buildings situated on nearly 9 acres in the northwest portion of San Antonio. The property will include two-story townhouses with attached garages and community amenities. Construction will be performed under the international energy conservation code to meet design and construction requirements for energy efficiency.

Love Funding facilitated an $18.5 million loan for the construction and permanent financing of the property. The financing was secured through the US Department of Housing and Urban Development's 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.

The development is a joint venture between Davila Construction and Loft Concepts. Davila Construction has 60 years of multifamily experience with the San Antonio Housing Authority and HUD. Loft Concepts is the general contracting arm of the managing member of the ownership group, Milmo Investments.

Valencia Lofts was designed by Joe F. Rodriguez, an architect who has been in practice for more than 55 years and has extensive experience in multifamily residential architecture. The project will be managed by SunRidge Management Group, a HUD-experienced full-service management company.

VIA Metropolitan Transit provides bus service in the market area. The nearest bus stop is at Bandera Road and Grissom Road, 0.4 mile from Valencia Lofts. There are several primary thoroughfares throughout the neighborhood and other nearby communities, GlobeSt.com learns. Loop/Interstate 410, 1.5 miles east, Loop 1605, 5 miles northwest and Interstate 10, 5 miles northeast, allow access to the CBD and northern suburban areas. Loop 410 also provides access to San Antonio International Airport, which is just under 10 miles from the project. Interstate 10 provides convenient access to the CBD as well as access to El Paso to the west and Houston to the east.

Retail stores are plentiful in the area and recreational opportunities are available at Raymond Rimkus Park, a neighborhood park that is 0.8 mile northeast of the property. Located 1 mile northeast of Valencia Lofts is the Leon Valley Community Center, which has meeting rooms for community activities and other amenities. A new park is being developed 0.1 mile west of the multifamily property.

Employment in the San Antonio MSA grew steadily for 10 years at an average annual rate of 2.1%. At an average unemployment rate of 3.8%, this is the lowest rate for the past 10 years, indicating the strength of the regional economy.

Leon Valley was incorporated in the 1960s to avoid annexation by San Antonio.