Proposed New Tower to Transform San Antonio Skyline
- May 06, 2015
Weston Urban, Frost Bank and the city of San Antonio have finally agreed on a complicated land swap that has been on the negotiation table for almost a year. The decision will dramatically change San Antonio’s skyline by bringing to the downtown area the first office tower since 1989.
“This transaction will centralize approximately 1,400 employees into three city-owned buildings,” City Manager Sheryl Sculley said. “Currently, the city of San Antonio leases office space in four buildings in the downtown area, costing the city $3.5 million annually. This transaction will result in a net savings to the city’s budget. Additionally, it will provide more housing in the core of our downtown and facilitate the construction of the first tower in 26 years.”
Under the negotiated public-private partnership, the city will sell the Municipal Plaza Building at 114 W. Commerce, as well as the properties at 319 W. Travis and 403 N. Flores, to Weston Urban. These, along with the properties that Frost will sell to Weston Urban, will facilitate the development of 265 new housing units. Frost will sell its Frost Bank Tower and 732 parking garage spaces to the city, and Weston Urban will build a 400,000-square-foot office tower, with Frost Bank occupying 250,000 square feet for its headquarters; the remaining Class A office space will be leased to third-party tenants.
“This project will continue the incredible momentum we are experiencing in downtown San Antonio,” Weston said. “When complete, this will be the first office tower built downtown in three decades. Its proximity to the San Pedro Creek Improvements Project makes it an extremely desirable location. While the tower will forever change our city’s skyline, we’re equally excited about the proposal on the whole and creating unique housing options in the core.”
A public hearing on the proposal will be held on May 28; the City Council is expected to vote on the agreement on June 4.
Photo courtesy of Wikipedia.