San Antonio, January 30, 2026
A $107 million financing package has been announced for the Central at Commerce project on San Antonio’s East Side. This initiative will create a 279-unit mixed-income apartment complex at 1231 E. Commerce Street. This investment aims to enhance affordable housing in the community, responding to the critical demand for residential options in the region.
East Side of San Antonio Receives $107 Million for Affordable Housing
San Antonio, Texas – A significant development is underway on San Antonio’s East Side with the announcement of a $107 million financing package for the Central at Commerce project. This initiative aims to construct a 279-unit mixed-income apartment complex at 1231 E. Commerce Street, transforming a previously vacant lot into a vibrant residential community.
Project Financing and Details
The financing for Central at Commerce comprises several key components:
- $64 million in bonds issued by Opportunity Home, San Antonio’s public housing authority, through a public facility corporation.
- $37 million loan from Cedar Rapids Bank and Trust.
- $6 million in affordable housing bond funding from the City of San Antonio.
Designed by Evolve Architects, the development will feature one-, two-, and three-bedroom apartments. The unit distribution is as follows:
- 139 units at 70% of the area median income (AMI).
- 67 units at 50% AMI.
- 42 units at 60% AMI.
- 31 units at 30% AMI.
Background and Community Impact
The Central at Commerce project is a collaborative effort between Opportunity Home and The Annex Group, an Indiana-based developer. This partnership reflects a growing commitment to addressing affordable housing needs in San Antonio, particularly on the East Side, which has experienced significant development in recent years. The project is slated to break ground in February 2026, with completion expected by the end of 2027, providing much-needed affordable housing options to the community.
Key Features of the Central at Commerce Project
| Feature | Details |
|---|---|
| Location | 1231 E. Commerce Street, San Antonio, Texas |
| Total Units | 279 |
| Unit Types | One-, two-, and three-bedroom apartments |
| Affordability Levels | 30% AMI: 31 units; 50% AMI: 67 units; 60% AMI: 42 units; 70% AMI: 139 units |
| Design Firm | Evolve Architects |
| Financing Sources | $64 million in bonds from Opportunity Home; $37 million loan from Cedar Rapids Bank and Trust; $6 million in affordable housing bond funding from the City of San Antonio |
| Construction Start | February 2026 |
| Completion Date | End of 2027 |
Frequently Asked Questions (FAQ)
What is the Central at Commerce project?
The Central at Commerce project is a 279-unit mixed-income apartment complex being developed on a vacant lot at 1231 E. Commerce Street in San Antonio’s East Side. It aims to provide affordable housing options to the community.
Who is financing the project?
The project is financed through a combination of $64 million in bonds issued by Opportunity Home, a $37 million loan from Cedar Rapids Bank and Trust, and $6 million in affordable housing bond funding from the City of San Antonio.
What is the timeline for the project’s completion?
Construction is scheduled to begin in February 2026, with the project expected to be completed by the end of 2027.
Who are the developers involved in the project?
The project is a joint venture between Opportunity Home, San Antonio’s public housing authority, and The Annex Group, an Indiana-based developer.
How will the project impact the East Side community?
The development will provide 279 affordable housing units, contributing to the revitalization of the East Side and offering residents access to quality housing options within the community.
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