GrayStreet Partners has purchased the Cadillac Bar and the land that surrounds it — a collection of law offices and parking lots known as Stumberg Square— at 212 S. Flores St. The downtown developer bought the property from the Stumberg family on Sept. 20, according to Bexar County property records.
The purchase, roughly 1.2 acres of west downtown real estate, comes after GrayStreet Partners purchased a cluster of buildings, including the old Kallison’s Western Wear store, and parking lots kitty-corner to the Cadillac Bar, on the northwest corner of Flores and Nueva streets.
The firm is exploring options for the property, Tomoko Iimura Alavi, GrayStreet Partners spokeswoman, said in an email. She declined to give the purchase price.
This year, the property was assessed at $3.8 million by the Bexar Appraisal District.
The purchase is the latest in a series of land transactions and planned public improvements that could be a harbinger of revitalization for west downtown, which has been stagnant for decades.
Read this story from earlier this week to catch up on this half of downtown.