News Summary
A multibillion-dollar redevelopment initiative called Project Marvel is set to reshape downtown San Antonio’s Hemisfair area. Featuring the 200-foot Grandisimo observation wheel, the project includes enhanced attractions and spaces for the San Antonio Spurs. Nearby, Crest Manor Apartments in Lewisville were acquired as the real estate market stabilizes in the Dallas-Fort Worth area, highlighting positive economic trends across Texas.
San Antonio, Texas – A major redevelopment initiative is set to transform the Hemisfair area of downtown San Antonio, with Icon Experiences announcing a multibillion-dollar sports and entertainment district known as Project Marvel. The centerpiece of this project will be a 200-foot-tall observation wheel named Grandisimo, accompanied by various attractions including a plaza area, a miniature golf course, and diverse dining options. The estimated budget for Project Marvel exceeds $3 billion, targeting a significant revamp of the area.
In addition to the observation wheel, Project Marvel plans to allocate a designated space for the San Antonio Spurs, which is expected to enhance the sports culture of the region. The project includes plans for an expanded convention center, upgrades to the Alamodome, and several new entertainment venues that aim to attract both locals and tourists, bolstering the city’s economy.
Meanwhile, in Lewisville, Texas, SPI Advisory and FCP have successfully acquired Crest Manor Apartments, a multifamily community comprising 600 units. Crest Manor, developed in two phases with completion dates of 2010 and 2016, offers commendable amenities such as two swimming pools, a clubhouse, fitness center, tennis courts, and walking/jogging trails. The acquisition of Crest Manor was facilitated through long-term HUD financing, featuring a 3.6% blended interest rate with 30 years remaining on the term. The joint venture aims to improve existing amenities and modernize the interiors of the apartments to maintain competitiveness in the local market.
The real estate market in the Dallas-Fort Worth area is showing positive signs of stabilization, as highlighted in Marcus & Millichap’s latest Multifamily Market Report for Q2 2025. The report indicates a tightening of vacancies and a resurgence in rent growth, particularly amidst new construction projects that have slowed down. Concurrently, the Rental Competitiveness Report from RentCafe.com has indicated heightened demand and increased lease renewals across Texas, showcasing a positive trend for renters in the region.
In Houston, the average asking rent remains unchanged at $1,364, with projections estimating year-over-year rent growth of 2.2% for 2025. As of January, occupancy rates in stabilized properties were recorded at 92.6%, maintaining a persistent level year-over-year. Houston has also experienced a 2.1% employment growth year-over-year through November, surpassing the national average by 80 basis points. The unemployment rate in Houston stands at 4.1%, which aligns with the current national average.
On an industrial front, Oneok and MPLX have committed to investing $1.8 billion in the development of a 400,000-barrel-per-day LPG export terminal in Texas City. This investment is expected to significantly benefit Houston’s primary industry, strengthening the economic landscape of the region further.
Over the past year, developers have introduced 20,355 units into the Houston housing market, surpassing the historical average of 17,000 units that has been added annually from 2017 to 2024. This influx of new housing units could be indicative of the growing demand for multifamily residences in the area, as the market responds to shifts in population and employment trends.
As these developments unfold, both San Antonio and Houston are positioned for dynamic changes that could reshape their respective economies, enhance the quality of life for residents, and attract new visitors and businesses.
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Additional Resources
- ConnectCRE: SPI & FCP Acquire 600-Unit Lewisville Multifamily Community
- Wikipedia: Lewisville, Texas
- ConnectCRE: Dallas Multifamily Fundamentals Stabilizing
- Google Search: San Antonio Project Marvel
- ConnectCRE: Texas Renters Staying Put, Raising Demand and Rents
- Google Scholar: Houston rent growth 2025
- ConnectCRE: Repeat Austin Project Developers Joining Forces on Apartment Venture
- Encyclopedia Britannica: Hemisfair San Antonio
- ConnectCRE: Houston Pegged for Modest Multifamily Rent Growth
- Google News: Houston multifamily rental market
Author: STAFF HERE SAN ANTONIO WRITER
The SAN ANTONIO STAFF WRITER represents the experienced team at HERESanAntonio.com, your go-to source for actionable local news and information in San Antonio, Bexar County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Fiesta San Antonio, San Antonio Stock Show & Rodeo, and Dia de los Muertos. Our coverage extends to key organizations like the Greater San Antonio Chamber of Commerce and United Way of San Antonio and Bexar County, plus leading businesses in retail, insurance, and energy that power the local economy such as H-E-B, USAA, and Valero Energy. As part of the broader HERE network, including HEREAustinTX.com, HERECollegeStation.com, HEREDallas.com, and HEREHouston.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
