Historic River Walk Buildings in San Antonio Up for Sale
A group of historic yet long-abandoned buildings along River Walk in San Antonio, Texas, are now up for grabs. These buildings hold significant value and historical relics from the late 19th century and the early 20th century.
Details of the Property
Soledad House LLC, the current owner, is seeking to sell these five distinct properties located between River Walk and Soledad Street. The ensemble includes the Book Building, the Clegg Building, the Solo Serve Building, and the Veramendi and Kennedy buildings. The Book and Clegg buildings line the scenic River Walk, while the remaining three are nestled behind the Clegg Building, neighboring the Savoy Building.
The buildings, occupying a combined total of 76,426 square feet, represent a slice of history, having been constructed in the late 1880s and early 1900s. The sale price of the properties, currently estimated by the Bexar Appraisal District to be around $14.4 million, is yet to be disclosed.
Location and Benefits
According to Andrew Price, First Vice President at the commercial real estate services firm CBRE Group Inc., the property’s prime location is one of its most attractive selling points. Its close proximity to Main Plaza, the University of Texas’s downtown campuses, restaurants, and a future baseball stadium amplifies its appeal to potential investors.
The properties also lie within an Opportunity Zone, a program that was established by the 2017 tax bill to encourage development in economically distressed areas. The program offers tax breaks to investors who invest funds in federally designated localities.
Interest from Developers
In just over a week since going on sale, the property has caught the attention of nationwide developers, generating hundreds of inquiries. Price shared that “outside capital seems very bullish on the San Antonio central business district.”
A Glimpse into the Past
The properties hold a rich historical essence. They once housed the Veramendi Palace, a Spanish colonial structure calamitously demolished in 1910. The palace, home to Juan Martin de Veramendi, Texas’s governor, also witnessed the matrimony of Jim Bowie to Ursula Veramendi and the dramatic death of Texas revolutionary Ben Milam.
These buildings have also been a home to a family-operated printing business and Solo Serve, a discount store. Past attempts to convert the property into an Italian-style piazza in the early 2000s were unsuccessful and most of the planned $36 million worth of renovations announced in 2018 never took off.
The Future of the Properties
While potential buyers and investment plans remain uncertain, Asher Reilly, Senior Vice President at CBRE, suggested that a buyer would likely redevelop the buildings into multipurpose spaces. Their prime location offers an opportunity for their transformation into restaurants, bars, and hospitality options.