Downtown developer GrayStreet Partners has purchased the parking garage attached to the iconic Tower Life Building from the Zachry family.
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.
In 2015, GrayStreet Partners announced it had purchased several iconic buildings on East Houston Street, and spoke of the corridor’s rebirth. Nearly seven years later, the local developer has been selling off its assets as it shifts focus, and capital, to other projects.
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.
On Thursday, City Council unanimously approved $24 million in incentives to help a partnership between GrayStreet Partners and Midway succeed where so many others have failed: to redevelop the blighted Lone Star Brewery complex.
The developers of the Lone Star Brewery are seeking $24 million in subsidies from the City of San Antonio to cover the cost of infrastructure and other public upgrades in and around the long-abandoned site.
GrayStreet’s Broadway East urban community derailed. W Hotel on hold. The Light building rehab lags behind schedule. That’s just GrayStreet’s projects on Broadway. The Covid pandemic has stymied many of the local developer’s downtown projects.
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GrayStreet Partners, one of the largest holders of downtown real estate, has begun putting a 15,000-square-foot food hall into the ground and mezzanine levels of the former children’s museum on East Houston Street.
GrayStreet Partners is due to receive a $2.5 million incentive for the restoration of the circa-1931 San Antonio Light building.