Construction on GrayStreet’s Broadway tower estimated to begin Feb. 1

The 20-story hotel and office tower GrayStreet Partners is planning at 1603 Broadway will cost an estimated $97 million to build, and construction could start Feb. 1, according to documents filed with the Texas Department of Licensing and Regulation.

In the filing, the San Antonio developer estimates a completion date of March 1, 2021.

On May 21, the project’s modern design, which is unique for San Antonio, received a five-story variance from the Board of Adjustment, a requirement because the zoning for that area of Broadway limits building heights at 15 stories.

In early May, the Historic and Design Review Commission granted the project conceptual approval following concerns raised by commissioners in March.

GrayStreet and architecture firm Gensler are working toward final HDRC approval, Tomoko Iimura Alavi, the developer’s spokeswoman, said in an email.

“The project will be 20 stories, including an enclosed mechanical penthouse topping the building to house equipment,” Alavi said. “There will be below-grade parking as well. We are not yet at a point to comment on potential tenants or other details.”

Its presence at Broadway and Newell Avenue would serve as a sort of gateway to the Pearl/Midtown area for motorists, cyclists and pedestrians leaving downtown. A stone’s throw up Broadway, Pearl developer Silver Ventures is building a 10-story office tower that will become the headquarters of Credit Human, the former San Antonio Federal Credit Union. It’s expected to be completed in early 2020, Silver Ventures told the Heron for another article.

The GrayStreet project will include 11 stories of hotel rooms, four stories of Class A office space, four levels of parking (one below grade), and one level of retail.

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Contact Ben Olivo: 210-421-3932 | ben@saheron.com | @rbolivo on Twitter