Will City Council Grant $5M to Blue Star Phase II Project?
- Jun 17, 2012
The project that could redevelop the Big Tex site is closer to reality after years of financing problems. The San Antonio city council is currently weighing the possibility of offering an incentive package of more than $5 million to revitalize the project.
The development on the 7.5-acre riverfront property is expected to cost upward of $42 million, according to project developer NRP Group L.L.C., according to the San Antonio Express-News. Known as Blue Star Phase II, the project includes 320 market-rate residential units, live/work space, 6,000 square feet of retail space and structured parking.
If the incentives are approved, Dan Markson, senior vice president at NRP Group, said that construction would begin in the first quarter of 2013.
The city council is expected to vote on a package of fee waivers that would total almost $5.1 million, as follows:
- a 10-year tax abatement worth $2.3 million;
- a Chapter 380 grant for as much as $750,000;
- an Inner City Incentive Fund Grant of $1.28 million;
- plus other fee waivers.
Meanwhile, Corpus Christi is home to a brand-new bridge. The Corpus Christi Harbor Bridge has come alive with a new advanced LED lighting system from Philips Color Kinetics. According to a news release from Royal Philips Electronics, the 60-year-old bridge, spanning 620 feet and sitting 138 feet above the ship channel, was built in the 1950s. The new lighting system is not only energy efficient, it can be easily programmed to create different light shows, helping to boost tourism, one of the city’s main sources of income.
Funding for the project came from the Texas Department of Transportation, the Port, the city of Corpus Christi and a generous donation from American Bank.
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