RREAF Holdings presented Salado aldermen with plans for Water’s Edge, a $55 million apartment, townhouse and single family living development on the south end of Main Street. The acreage for Water’s Edge was purchase by RREAF Holdings from Sanctuary developers.
It deviates from the Old European style of architecture that the Sanctuary developers said would be the key look of Sanctuary properties. Instead, it opts for a simpler, historic Texas design in its architecture that features lap siding, high pitched roofs, limestone and board and batten siding.
“We tried to model the majority of our features after buildings in Salado like the Stagecoach Inn,” James Zavodny told aldermen at their Feb. 25 meeting.
Phase 1 of the development will be 210 units of apartments along with a resort-style pool, a leasing headquarters and clubhouse. Phase 2 will be an expansion of multi-family residential with 90 units. The third phase will include the 10 single family residential units.
Water’s Edge will include a new road, Nottingham Street, that enters onto South Main Street. Edinburgh Street will connect College Hill Dr. to Santa Maria.
The first phase will have seven three- or four-story apartment buildings. Phase 1 will have nine studio apartments, 77 one bedroom apartments, 92 two-bedroom apartments and 32 three-bedroom apartments.
The studio apartments are 610 sq. ft. One bedroom apartments are 724-788 sq. ft. The two-bed apartments are 1,108-1,170 sq. ft. and the three bedroom apartments are 1,331 sq. ft.
All parking is interior of the complex, not outside the footprints of the buildings themselves, according to Zavodny.
“These are high-end, nice looking units,” Zavodny said. “They are significantly more energy efficient than standard single family home.”
Zavodny said that the developer expects to start work in May. It will have a build time of 18-20 months. In May 2022, multi-family for sale will begin construction. The final phase, which will include 90 more apartments, will begin in Dec. 2022.
Zavodny told aldermen that the studios would lease for $950 per month. One bedrooms will lease for $1,150 per month, two bedrooms for $1,500 per month and three bedrooms for $1,700 per month.