San Antonio Business Journal - Novermber 17, 2006 by Tricia Lynn Silva
Asked what's been keeping him busy lately, local businessman Craig Glendenning simply replies, "We're just working on dirt."
The "we" in this case is Glendenning and his partner, Dallas-based businessman Shaul Baruch.
And that dirt the two are working on includes a 1,766-acre land purchase that the team "put to bed," late last month.
The tract is located off of Bandera Road, about five miles north of Helotes, says Glendenning, who is the president of San Antonio-based Post Oak Development of Texas Inc.
Just one mile south of the tract runs State Highway 211 -- a thoroughfare that has received a lot of attention lately from other land owners and developers.
What Glendenning envisions for the tract is a master-planned community that could accommodate several residential neighborhoods featuring homes in varying price ranges -- from the high $100,000s on up to $1 million in select areas.
The name of the community?
"I like Geronimo Ranch," says Glendenning, who points out that San Geronimo Creek runs through the property. "Or maybe San Geronimo Ranch."
"This is the greatest area in San Antonio," boasts Baruch of the recent deal.
What Baruch, who is the owner of Baruch Properties, envisions is a development that will someday rival high-end communities along Interstate Highway 10 -- like the Dominion and Crownridge.
While much of the industry talk today is of the existing and the up-and-coming homes being developed near big-name projects like La Cantera, Baruch and Glendenning say they plan to give such sites a run for their money.
Speaking of money, Glendenning says he and Baruch expect their project will call for an investment of over $100 million when all is said and done.
Prime time
Of course creating this mecca of high-end housing will take time, Glendenning says. San Antonio is not a city, for example, that sells a slew of million-dollar homes.
"We don't expect this to be (a community) that happens overnight," he adds. "This is a 20-year project."
Infrastructure work, however, is slated to begin next summer.
While both gentlemen say it is too early to talk specific builders, several firms have expressed interest in the project, they add.
Baruch and Glendenning are also in talks with builders for a second project on the far Northwest Side -- a 202-acre development that is located at Boerne Stage and Toutant Beauregard roads. Ground work on this subdivision is also slated to begin next summer, Glendenning says.
Plans for this yet-to-be-named development call for about 250 estate homes; each site would sit on three-fourths of an acre of land, Glendenning says.
An old mansion at the front of the tract is slated to be rehabbed and turned into an amenity center for residents.
The land immediately surrounding the mansion/amenity center will be carved out for some casitas -- or higher-density homes that could be arranged in clusters of three or four units. Plans call for 160 casitas that could range in size from 1,600 to 2,200 square feet each.
Development costs for the community will run in excess of $10 million.
The single-family homes would start at a minimum of 2,600 square feet, and be priced from the $400,000s, Glendenning says.
He adds that the project is seven miles from two of San Antonio's most popular retail destinations: Neiman Marcus and Bass Pro Shops Outdoor World.
Land bank
The planned Boerne Stage and Bandera developments cap a land bank for Glendenning and Baruch that presently exceeds 7,000 acres and is valued at more than several hundred million dollars.
"I am proud to be in San Antonio," Baruch says. "The way I see it, America is the most beautiful place to live and work. The rose of America is Texas. And the beautiful rose of Texas, that's San Antonio."
It is Glendenning, Baruch adds, who has been key to finding the treasures that the two currently own.
"His ability, his knowledge, his understanding of the business are out of this world," Baruch says. "I'm very lucky and happy to work with him; he's done a hell of a job."
Even as the press reports on the housing slump plaguing much of the nation, Baruch remains bullish on the Alamo City.
"If this is a bad market, I don't know what's good," he says. "Texas, in general, is healthy."
Baruch is not alone in his take on the Texas housing market.
According to a recent report by the Real Estate Center at Texas A&M University, the state's housing market continues to do well -- even as national analysts talk of an 11.5 percent decline in new-housing construction over the course of 2006, and a 11.7 percent drop in 2007.
"The good news is that even though the United States could have a recession, it's highly possible that Texas won't participate in it," notes Real Estate Center Chief Economist Dr. Mark Dotzour in the report.
San Antonio, says Baruch, will continue to reap the rewards of its strong economy.
"We are very comfortable in San Antonio. The rest of the world should know that," Baruch says.
"I'm very hot on San Antonio. Builders are going to be begging for more lots (for homes) here," he adds.
Land play
The deal: Partners Craig Glendenning and Shaul Baruch have closed on the purchase of 1,766 acres of land on the city's far Northwest Side
Plans: A master-planned community of several residential subdivisions, with homes ranging in price from the high $100,000s on up to $1 million
Estimated development cost: $100 million