The Pearl is primed to grow further north after its developer Silver Ventures purchased a full city block at the northern limit of the River Walk’s Museum Reach.
Silver Ventures bought the 2.2-acre property at 102 E. Josephine St. in late September from Illinois company Glenmorangie LLC, county property records show. It includes a 34,500-square-foot industrial building constructed in 1990, according to the Bexar Appraisal District.
“We have no plans for the property and won’t likely for a few years,” Bill Shown, Silver Ventures’ managing director for real estate, said in a text message. “In the meantime we’re using it for storage, office space and parking.”
The property encompasses the entire city block bounded by the San Antonio River, and Isleta, East Josephine and East Grayson streets.
Silver Ventures has been buying up property around the Pearl in recent years to accommodate its expansion plans. It now owns nearly all the land on both sides of the river between Newell Avenue and East Grayson, and going as far east as U.S. 281.
Last year, the company finished construction of the Southline Residences apartment complex at 226 Newell Ave. On Broadway, construction appears nearly completed on Credit Human’s 12-story headquarters building, and the Oxbow, an eight-story office building that will house Bank of America, among other tenants.
Shown declined to comment on how much Silver Ventures paid for the East Josephine property. The Bexar Appraisal District assessed it at $6.6 million this year.
Editor’s note: There are too many projects planned for the Pearl area to mention in this article. For some more recent, follow the links below.
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Richard Webner is a freelance journalist covering Austin and San Antonio, and a former San Antonio Express-News business reporter. Follow him at @RWebner on Twitter