01 · Urban Multifamily
1221 Broadway Lofts
Broadway Corridor, San Antonio
A San Antonio development firm, Est. 2011
Building places with civic purpose.
We develop, manage, and invest in urban mixed-use, multifamily, and adaptive re-use projects across San Antonio, built for the long arc of a city, not the next quarter.
Our thesis
We invest in people, neighborhoods, and the slow work of building a better city , not just properties.
Philosophy
We believe a building's first job is to strengthen the street it stands on, and the neighborhood that grew around it.
Real estate is the slowest medium a city has. A building outlives its developer, its tenant, often its architect, which is why we treat every project as a piece of civic infrastructure first, and an investment second. The two are not in conflict. They compound.
Read the firm storySelected work
A portfolio, in chapters.
Twelve active developments across San Antonio, adaptive re-use, multifamily, industrial, and mixed-use. Each rooted in a specific corner, designed for a specific community.
2011
02 · Industrial
Cornerstone Industrial Portfolio
San Antonio, TX
03 · Adaptive Re-use / Retail
103 W. Grayson
Pearl District
Index, recent
People over properties
The deal is the easy part. The relationship is the work.
We've passed on more sites than we've bought. Not because the numbers didn't work, but because the partner, the city's priorities, the tenant story, or the neighborhood fit weren't right. A building is forever. Choose the people first.
That discipline is why our landowners come back, why our capital partners stay invested across cycles, and why we've spent fourteen years working within walking distance of the same downtown.
$2B+
Capital transacted
12
Active developments
14
Years in San Antonio
9
Historic structures preserved
Civic & urban impact
A city is the sum of its corners.
Our work concentrates around Broadway, Southtown, Tobin Hill, the Pearl, and downtown, the connective tissue of central San Antonio. We invest where the next decade of urban life will be decided.
Adaptive re-use
Restoring historic structures rather than replacing them, preserving the architectural memory of neighborhoods like Tobin Hill, Southtown, and St. Paul Square.
Streetscape investment
Sidewalks, lighting, public seating, and ground-floor retail that make corners feel alive, long after the ribbon cutting.
Local operators
Ground floors leased to San Antonio chefs, makers, and small businesses. The building is the stage; the city is the performance.
Public realm
We work with civic partners, neighborhood associations, and city planners from week one, not at entitlement.
Principles
How we evaluate, design, and build.
Four convictions that decide what we work on, who we work with, and what we leave behind. They have not changed since 2011.
- 01
Read the place first.
Every site has a history, a grade, a sightline, a neighbor. We study those long before we draw a single line, because the building has to belong to where it stands.
- 02
Design with restraint.
Materials chosen for how they age. Massing scaled to the street. Detail held back until it's earned. We build for the second look, not the first impression.
- 03
Partner like a steward.
Capital partners, civic leaders, operators, tenants, we choose the people first and let the deal follow. The cap rate matters; the relationship outlasts it.
- 04
Hold for the long arc.
We don't build to exit. We build for a corner that still works in thirty years, for the city our children inherit.
The firm
Operators and stewards of place.
A small team that has worked together for years, most of us live within a few miles of the projects we build. The work is local because we are.
David Adelman
Founder
Philip Massari
Acquisitions, Development & Leasing
Tyler Wilburn
Controller / Director of Finance
Mary Jane Herrera
Property Manager
Robin Stevens
Senior Property Manager
Erin Krifka
Property Accountant
Journal
Notes from the field.
Civic development · urbanism · architecture
Field noteSpring 2026
Why we still bet on Broadway.
Fifteen years after our first acquisition on the corridor, the case for slow density is stronger, not weaker.
Project logWinter 2025
Restoring The Burns Building.
What we found behind the plaster, and what it taught us about working with a 1920s steel frame.
UrbanismFall 2025
The civic ground floor.
On why the first twelve feet of any building matter more than the next hundred.
Start a conversation
A site. A neighborhood.
A shared idea of the city.
Landowners, capital partners, civic leaders, operators, if your work touches the future of San Antonio, we'd like to hear from you.