Other reasons for its creation are to stimulate high quality development along San Pedro Creek, which is in the midst of its own makeover; rehabilitation of historic buildings; and to provide housing for the workforce in the city center, Marquez told me.

With the county partnership, Weston Urban would be exempt from property taxes for the $ 80 million project for 75 years in exchange for building apartments for low-income tenants. Part of the property is already tax exempt.

“I think this is a game-changer for the county,” Commissioner Trish DeBerry said at a June 15 meeting of the Bexar County Commissioners’ Tribunal, referring to the nonprofit she is a member of. from the administration board. “I am super excited about the opportunity that has presented itself. I look forward to other projects that will come before this tribunal.

On ExpressNews.com: With San Pedro Creek restoration underway, San Antonio developers are taking ownership of the properties around

Weston Urban plans to retain the facades of the former Continental Hotel and Arana buildings, located on a block bounded by Commerce, Laredo, Calder and Dolorosa streets. The company has indicated that it intends to renovate the buildings, Marquez said.

Its plans provide for the construction of 250 apartments with parking.

Half of the units would be rented at market rates. Another 100 would be reserved for renters earning up to 80% of the region’s median income, or $ 41,550 for one person and $ 47,450 for a couple, according to the US Department of Housing and Urban Development.

The remaining 25 apartments would be for tenants representing up to 60% of the region’s median income, or $ 31,140 for one person and $ 35,580 for a couple. Rents would not exceed 35% of an individual resident’s income, and the average rent-to-income ratio in all the cheapest apartments would not exceed 30% of renters’ income.

Two historically significant homes on the site would be handed over to the county by Weston Urban, according to a presentation to the company’s board of directors.

One of them, the De La Garza house, served as the headquarters of the Texan army during the Texas revolution. It is believed to have remained where it is for over 200 years, making it one of the oldest residential buildings in downtown San Antonio. The other house is the O. Henry House Museum, which was built in 1855.

In March, Weston Urban proposed to move the De La Garza home 42 feet south and 4 feet east from its current location. The City History and Design Review Board gave its initial approval to the plan, but commissioners and conservatives have expressed concern.

On ExpressNews.com: “The Real Deal” – the historic house was the headquarters of the Texan Army during the Texas Revolution. Should a developer be allowed to move it?

At the time, it was unclear why the company was proposing the move in the short term, but Weston Urban no longer plans to move it. It is not known if the O. Henry House museum would be moved; unlike the De La Garza house, it had already been moved.

Details of Weston Urban’s plans for the redevelopment of the Arana hotel and buildings have not yet been released. Randy Smith, the president of the company, had not responded to a survey at press time.

The financial details, however, are becoming clearer. Under the deal, the Public Facility Corporation would get $ 150,000 per year in rent, a structuring fee of $ 250,000 and 1% of the sale price each time the complex is sold. The association approved continuing negotiations for the deal, which will later be taken up by the board of directors for final approval.

The Continental Hotel was built in 1896 and renovated in 1984 to include office and laboratory space for the Metropolitan Health District, which vacated the building in 2016. It has remained empty since, and previous efforts to sell it and develop it failed.

The city put the building and its parking lot up for sale in the fall of 2019. Weston Urban was the only company to bid and received City Council approval last summer to purchase the property for $ 4.7 million.

Until the transaction is concluded, this part of the block is tax exempt as it is owned by the city. Weston Urban purchased the part that includes the Arana building and the historic homes in 2019, according to the deeds.

The redesign of San Pedro Creek, the University of Texas at San Antonio’s plans to expand its downtown campus, and other Weston Urban projects are sparking interest in the region from several developers and investors, who are taking ownership of the area. land along or near the creek.

“We’ve probably invested a few hundred million dollars in San Pedro Creek and it’s right there on the creek, a really critical position,” Bexar County Judge Nelson Wolff said at the company meeting, referencing Weston Urban plans for the Continental site. “It enhances the investment we have already made.

The company has amassed over 20 acres in the area.

Weston Urban’s holdings include the Weston Center offices; Houston Street buildings occupied by Geekdom co-working space, retail and investment firm Scaleworks; a building opposite the town hall that it recently renovated; and the Milam building, which needs to be renovated.

Weston Urban completed the Frost Tower in 2019. It plans to build a 32-story tower with 351 apartments and downstairs shops nearby at 305 Soledad St.

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