Historic Hedrick Building in San Antonio Faces Uncertain Future

News Summary

The Hedrick Building in San Antonio, known for its historical significance, has been acquired by BRMK St. Mary’s LLC after years of proposed renovations for an extended-stay hotel. The building’s future is uncertain following a recent foreclosure auction, leaving local residents curious about potential developments. Once a bustling office space, the acquisition and previous financial struggles raise questions about revitalization efforts in this prime downtown location.

Historic Hedrick Building in San Antonio Faces Uncertain Future After Acquisition

San Antonio has recently witnessed a significant change in the fate of one of its historic buildings, the Hedrick Building. Once known as the Real Estate Building, this landmark is nestled at the bustling intersection of North St. Mary’s and East Martin streets in downtown. After years of renovations and plans for transformation, this cherished structure is now the property of BRMK St. Mary’s LLC, linked to the lender Ready Capital Corp.

A Shift in Ownership

The Hedrick Building, designed by the local architectural firm Adams and Adams in 1928, has been a staple in San Antonio’s skyline for decades. The building boasts a sleek interior of reinforced concrete, brick, stone, and terra cotta, showcasing the charm of a bygone era. Developer Craig Glendenning had ambitious plans to convert this once-bustling office space into an extended-stay hotel with retail space. Now, those dreams seem shrouded in uncertainty following the recent foreclosure auction.

Through the auction, BRMK made a bold move, bidding a whopping $16.7 million for the Hedrick Building, alongside acquiring the adjacent Voss Building. Interestingly, this acquisition comes after BRMK had initially loaned $2.8 million to the previous owner, Bright Lakes-Lone Oak LLC, in 2018. Due to various amendments and subsequent defaults, the loan amount ballooned to $15.2 million, ultimately leading to this recent change of hands.

The Rise and Fall of a Landmark

The Hedrick Building has had a storied past. After its purchase and refurbishment by architect Wyatt Hedrick in the 1960s, occupancy began to dwindle. By 1983, the building had become completely vacant, stymied by years of neglect and disrepair. Despite attempts to demolish the structure in 2008 due to complaints, the city ultimately decided against it, allowing the historical significance of the building to persist in the community.

In 2017, Glendenning and his team embarked on a mission to revitalize the building. Amidst efforts to rid the property of significant pigeon infestations and reveal the historic facade hidden beneath layers of covering, they also shifted their renovation plans. Initially eyeing a conversion to apartments, the focus soon turned to the hotel concept after an unsuccessful partnership with the short-term rental company, Stay Alfred. Glendenning’s vision encompassed 72 hotel rooms, retail areas, and even space for a title company office.

Meanwhile, the Voss Building was also set to undergo a transformation to include restaurants, business suites, and entertainment venues. However, with the new ownership from BRMK, the prospects for these exciting projects hang in the balance, leaving local residents curious about what lies ahead.

A Glimpse of the Future

Despite BRMK’s acquisition, the future of the Hedrick and Voss Buildings remains tangled in an uncertain haze. Both buildings are currently partially boarded up and waiting to see if the new ownership will breathe life back into their historic facades. The Bexar Appraisal District values the Hedrick Building at approximately $7.7 million while the Voss Building is valued at under $700,000.

With their prime location backing up to the ever-popular River Walk and sitting just half a mile from the historic Alamo, these buildings undoubtedly hold a wealth of potential for the city of San Antonio. As the community watches closely, only time will tell what new chapter awaits the Hedrick Building and its neighboring site.

In a city rich with history and charm, the transformation of these iconic spaces could potentially reshape the downtown landscape, but for now, the wait continues.