INDIANAPOLIS (April 14, 2026) – The Annex Group®, a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities, in partnership with Opportunity Home San Antonio and the City of San Antonio Neighborhood & Housing Services Department (NHSD), announces groundbreaking plans for Central at Commerce, a new affordable housing community coming to San Antonio, Texas. Located at 1231 E. Commerce St., 78205, Central at Commerce will offer 279 one, two and three-bedroom units to households earning up to 70 percent of the area median income (AMI). A groundbreaking ceremony will mark the official beginning of construction on the nearly $87 million property. Details include:
- Location: Central at Commerce site: 1231 E. Commerce St. San Antonio, TX 78205
- When: April 14, 2026 at 10 a.m. CST
- What: Join the community and partners in a ceremonial groundbreaking for Central at Commerce
“San Antonio is a key expansion market for us, and we couldn’t have asked for a better entry point,” said Ryan Clark, Senior Vice President of Development for The Annex Group. “We are proud to complement the city’s redevelopment efforts by securing an amenity-rich location downtown, where the demand for high-quality affordable housing far outpaces supply. A project of this scale would not have been possible without critical financial support from the City of San Antonio Neighborhood and Housing Services Department (NHSD). With the nearby Spurs entertainment district and mass transit expansion moving forward, we are committed to delivering the essential housing infrastructure that allows residents to fully participate in downtown’s revitalization.”
Central at Commerce will feature expansive amenities, including a swimming pool, community center, business center, playground, fitness center and courtyard. The seven-story building will be conveniently located close to downtown and within walking distance of public transportation, parks, groceries and schools.
“A property of this size that brings more than 250 units to the market is no small feat,” said Joy Skidmore, Development Consultant for The Annex Group. “Without committed, passionate partners, it wouldn’t be possible to create such an expansive, impactful community. We are extremely grateful to the many organizations and people who are helping us get this across the finish line.”
Partners on the project include Evolve Architects, CPH Structural Engineering, Nichols Engineering, Pape-Dawson, Raba Kistner, August Mack Environmental, US-Ecologic, Structure Development, Opportunity Home San Antonio, Cedar Rapids Bank & Trust, City of San Antonio, Argent Institutional Trust Company as Trustee, Impact Housing Indiana and Haven for Hope.
"Evolve Architects is proud to contribute to a development that will bring meaningful, lasting value to the community,” said Brian Lucke, Principal, Architect at Evolve Architects. “We are deeply committed to delivering affordable housing at a high standard of design. This project has been a rewarding challenge given its scale and the strong collaboration among the development team. As construction begins, we are excited to see the vision take shape and grateful to be part of a team united by the shared goal of creating a positive impact—an objective that defines our work at Evolve Architects."
The financing for the Central at Commerce project was a collaborative achievement, made possible by the coordinated support of several key partners. CREA provided a significant foundation for the development, contributing over $36 million in federal equity alongside more than $200,000 in solar credits. Furthering this momentum, the Texas Department of Housing and Community Affairs (TDHCA) allocated 4 percent tax credits and $50 million in tax-exempt bonds. Local investment was equally vital, with the City of San Antonio’s Neighborhood and Housing Services Department providing $6 million in soft funding, while Cedar Rapids Bank & Trust contributed approximately $37 million in permanent loan financing. Finally, the Opportunity Home team served as an instrumental partner by issuing the bonds and providing over $65 million in construction financing; they will maintain a long-term interest in the project’s success by co-developing within their Las Varas PFC structure.
This is The Annex Group’s first community in San Antonio and Texas.
ABOUT THE ANNEX GROUP®
The Annex Group® is a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Fishers, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.