The $596 million Lone Star Brewery project, which local developer GrayStreet Partners and Houston mega-developer Midway unveiled last year to great excitement, now faces an uncertain future.
A financial tool used to help fund affordable housing was recently repurposed for the San Antonio Zoo, the Witte Museum, Garden and Brackenridge Park, a move that has some nonprofit developers scratching their heads.
The downtown San Antonio apartment market, which city leaders went to such great effort to grow, has matured to a point where it is drawing major attention from out-of-town investors.
Downtown developer GrayStreet Partners on Thursday purchased a one-acre parking lot from CPS Energy, next to the Mexican Consulate and across from the Tower Life Building, in the heart of downtown.
Bakke Development Corp. is looking to redevelop the site of former headstone maker Meier Bros. Monuments on South St. Mary’s.
The Midtown TIRZ board tabled $4.8 million in incentives for Broadway’s next apartment building because it needed more details on an even larger project it’s being asked to help fund: the burying of overhead power lines on Broadway from Interstate 35 to East Mulberry Avenue.
In the area of housing, it seems likely that the early 2020s will mark another turning point for San Antonio.
The $24 million incentive package that GrayStreet Partners and Midway received last month to redevelop the former Lone Star Brewery tops the list of San Antonio’s most subsidized urban development projects.
Local developer David Adelman and a partner have purchased a four-acre warehouse property directly north of the Lone Star Brewery with plans to build on the momentum of the area’s growth by developing it with a residential use.
Any concerns about the sheer size of the Lone Star’s $24 million incentive deal, or over the potential displacement of nearby residents, were outweighed by the fact that someone is finally breathing new life into these ghostly industrial shells after 25 years.