Will BRAC Redefine San Antonio Real Estate?
Military construction projects promise to reshape San Antonio real estate, revitalize communities and create local well-paying jobs. Despite widespread federal budget cuts, the Defense Base Closure and Realignment Commission (BRAC) projects will not be affected, as $640 million has already been set aside for Texas construction efforts through 2012. We can thank the Department of Defense for 200,000 jobs and $15 billion per year for the local economy.
The specific areas targeted by BRAC’s latest round of projects, which include infrastructure and transportation improvements, are the downtown core and East Side neighborhoods, specifically. Alamo City alone will see $960 million in military construction projects from 2012 through 2015.
San Antonio real estate residents will see new Army Corps of Engineers building projects like the Lackland AFB dormitories and a new outpatient hospital that will replace Wilford Hall Medical Center going up, despite receiving no funding from BRAC. The non-BRAC construction projects are said to bring $200 million to $300 million worth of investment each year from 2012 to 2015, with many of the infrastructure improvements centered near Fort Sam Houston.
The BRAC funding is expected to inspire other investors to begin pumping their money into these promising areas as well. Local San Antonio real estate agents say that the turnaround will take a little bit of time, but positive changes in neighborhoods like Dignowity Hill and Government Hill are underway. Pedestrian-friendly communal spaces, public transportation, street connectivity, public libraries and street widening are some of the proposals for making life better for residents of San Antonio real estate.
“This year really represents the big push to the finish of BRAC,” Randy Holman, the Army Corps of Engineers program manager, tells the San Antonio Express News. “It really is incumbent upon us to tie up all the loose ends and make sure that we provide nice, clean closure for the transition of troops into the San Antonio community.”
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