San Marcos — Downtown San Marcos could get it’s greenest building to date because of an incentive agreement approved by the San Marcos City Council last week, but it would come at the price of part of the city’s charm.

The new LEED (Leadership in Energy and Environmental Design) certified complex the incentive targets would built where now sits a bona fide piece of San Marcos history — the Balcones Apartments.

The old complex has been at the corner of Fredericksburg and Pat Garrison since the 1960s and been home to untold numbers of students who could walk to class at what is now Texas State University.

Not all residents have been students, though. San Marcos-based construction magnate John Stokes — for whom a city park is now named — choose to live there himself after his company built it.

The property has changed hands numerous times over the years and is now owned by a local physician and her husband.

An incentive for a complex that would replace it was approved by the city council in a 4-3 vote. The incentive would refund property taxes over a five-year period in an amount not to exceed $610,000.

The action was approval of a Chapter 380 Agreement between the city and 401 North Fredericksburg Acquisition, L.L.C.

The project is characterized as a “multi-family apartment complex” in city documents and is expected to cost $28.5 million to build; and developers say they will spend another $950,000 to achieve LEED certification.

It is located within the Central Business District and the project was touted by Mayor Susan Narvaiz at an informal economic development meeting Feb. 27 as an example of “smart growth” development.

City documents say the project will initially be 200,000 square feet with “593 beds in 257 units,” and that it will provide five full-time jobs with an annual payroll of $208,000.

Additionally, the developers say they will spend $775,000 to redevelop the street block that runs alongside, including parkland fee-in-lieu, off site storm drainage, underground SMEU transformers, electric lines, phone and cable, bike lane land dedication, new sidewalks, curbs and gutter, new on street parking improvements, trees, landscaping and irrigation and planters and benches.

“The development supports the City Council’s goal of Smart Growth by creating a walkable community near multiple amenities such as Texas State University, downtown, entertainment, shopping and restaurants,” the city documents state. “The development would also include elements that support the goal of beautifying San Marcos with landscaping and aesthetics.”

Narvaiz and council members Kim Porterfield, Fred Terry and Chris Jones voted in favor of the proposal. Council members Gaylord Bose, Ryan Thomason and John Thomaides, citing concerns over the incentive.

The project had been stalled in February when the council vote, minus Jones, was split 3-3.