Exciting Real Estate Opportunity in San Antonio
San Antonio has an exciting development in the heart of the city! A cluster of historic buildings is now on the market, providing a unique opportunity for investors and developers. These five buildings, which date back to the late 1880s and early 1900s, are located conveniently between the River Walk and Soledad Street. The properties not only boast a rich history but also offer a prime location that can’t be beaten.
What’s Up for Sale?
The portfolio includes several buildings: the Book Building, the Clegg Building, part of the Solo Serve Building, the Veramendi Building, and the Kennedy Building. Together, these structures encompass about 76,426 square feet of potential. Two of these buildings are right along the beautiful River Walk, a popular spot for both locals and tourists. The remaining buildings sit behind the Clegg Building next to the Savoy Building on Houston Street.
Why Is This Property Special?
According to Andrew Price, the first vice president at CBRE, which is marketing these properties, one of the standout features is its unbeatable location. Being right by the River Walk and close to attractions like Main Plaza, various eateries, and the upcoming baseball stadium for the Double-A Missions team adds significant value. Additionally, it’s next to several other impressive developments by Weston Urban, including the Frost Tower and the Milam Building.
Another appealing aspect is that this property falls within an opportunity zone. This program was initiated back in 2017 to encourage development in economically challenged areas, offering tax breaks on capital gains to investors who choose to invest in these federally designated locations. It’s a great way to benefit both the developers and the community!
Interest is Peaking!
Just a week after hitting the market, there is already a buzz of interest. Price has reported that they’ve received inquiries from developers nationwide, with hundreds of interested parties reaching out. It seems that investors are optimistic about the future of San Antonio’s central business district, which is an encouraging sign for the city’s growth.
A Glimpse into History
In more recent times, businesses like a printing shop run by the Clegg family and a discount store known as Solo Serve made their mark at this location. Notably, ambitious plans in the early 2000s aimed to create a grand Italian-style piazza here, but those plans ultimately fell through.
Future Possibilities
The current owners, Soledad House LLC, which is affiliated with AMS Commercial Real Estate based in Austin, acquired these buildings in 2016. They had grand renovation plans in place that included around $36 million worth of work slated to begin in early 2019 and wrap up by spring 2023, yet it appears much of this work hasn’t unfolded as intended.
Moving forward, a buyer for this unique cluster is likely to consider various redevelopment options. Ideas could range from creating lively restaurants and charming bars to hospitality ventures that would attract both tourists and residents alike. The possibilities seem endless!
In conclusion, the sale of these historic buildings presents a golden opportunity for the right investor. With a perfect mix of historic charm, prime location, and future potential, it’s certainly a topic worth keeping an eye on in the San Antonio community.
