Land that once eyed the Santikos Theater on the extreme west side of San Antonio being developed as apartments

Land where Santikos Enterprises once planned to build a theater on the booming West Side is being developed as an apartment complex.

Lynd Group, Santikos and the San Antonio Housing Authority are collaborating on the $69 million project, which will receive a property tax exemption in return for including units for lower-income residents.

The 360-unit complex near Loop 1604 and Potranco Road will feature one- to three-bedroom apartments ranging in size from 533 square feet to 1,345 square feet, according to an announcement.

“These types of projects are in high demand,” said A. David Lynd, CEO of The Lynd Group, at a recent groundbreaking ceremony.

Forty percent of the units in Potranco Commons will be for residents who make up 80 percent of the area’s median income, which is $58,000 a year for a family of four.

Ten percent of the units will be for residents earning up to 60 percent of the region’s median income, or $43,000 per year for a family of four. The rest is rented out at market prices, ie at any price that the market can fetch.

Rents will range from $834 for the lower-priced units to $1,865 for the largest unit on the market, SAHA spokeswoman Marivel Resendiz said. Potranso Commons also accepts housing vouchers.

Amenities include a clubhouse, pool and fitness center and construction is expected to be completed in the second quarter of 2024.

The late John L. Santikos owned the land for many years, said Tim Handren, the company’s CEO and mayor of Boerne. Santikos, the San Antonio-based chain of cinemas, planned to build a 65,000-square-foot theater called Granada on the site. It eventually built the Casa Blanca megaplex about four miles north at Alamo Ranch Parkway and Loop 1604.

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“We were looking for a first-class partner to build apartments here,” said Handren during the groundbreaking ceremony.

The company has been working on the deal with SAHA and Lynd for about three years and last month sold nearly 21 acres to a company affiliated with Lynd, deed records show.

SAHA’s public utility company then acquired it and will lease the land back to the developer, exempting it from state property taxes and sales taxes on purchases made for the construction.

In turn, at least half of the units must be for residents earning up to 80 percent of the area’s median income.

Lynd is working with SAHA on two other condominium developments off Loop 1604 and Culebra Road and near the Pearl.

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