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Old Posted Feb 3, 2017, 1:05 AM
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sirkingwilliam sirkingwilliam is offline
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Join Date: Feb 2007
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SAN ANTONIO │ Hemisfair Development │ 18 FLOORS, 12 FLOORS, 6 FLOORS │ Approved


Quote:
City Council unanimously approved a public-private partnership Thursday that will allow for a $200 million development on five acres at Hemisfair.

A Zachry Hospitality affiliate company will sublease the land from Hemisfair Park Area Redevelopment Corporation (HPARC) and build a hotel, office building, parking, and retail space on the northwest corner of what will become the nine-acre Civic Park. City Council also authorized a tax increment reinvestment zone for the Hemisfair district that will allow the nonprofit government corporation to collect increased taxes in the area for programming and maintenance for the second largest urban park in San Antonio.

“Additional revenues that come to Hemisfair will stay in Hemisfair,” said HPARC Director of Real Estate Omar Gonzalez, meeting the goal of making the area self-sustaining so it doesn’t become a burden to taxpayers.

“Improving downtown is part of that big picture to address workforce development and housing opportunities,” said Mayor Ivy Taylor before Council’s vote. “In order for us to be a competitive city, we have to have a competitive downtown and the Hemisfair project is an amazing opportunity for us to continue the momentum we have seen in our city.”

The NRP Group, a multifamily housing developer, also has plans for the park’s northwest corner, where it will build a 380-unit apartment building. According to an agreement with HPARC, 10% of those units will be relatively affordable, workforce housing. The other 163 residential-unit project in the southeast quadrant by AREA Real Estate will have 50% workforce housing.

Quote:
Lease payments from Zachry and NRP Group as well as other tenants in the park will likely increase over time and will go directly towards Hemisfair staffing and programming. Zachry will pay $1.92 million for the first two years of the contract’s 50-year term. In the third year, that base payment will drop to $1.45 million, but Hemisfair will take an additional cut of revenues expected to total more than $500,000 and increase as the park’s popularity grows and retail becomes more established.

The five-to-six-story office building increases Zachry’s initial overall budget from $165 million to $200 million. The new addition is an answer to the increasing demand for more downtown office space, Hemisfair officials said.

The building will more than double the amount of office space in the entire project, bringing it to between 60,000-120,000 sq. ft. About 60,000 sq. ft. of office space had been included within the 200-room boutique hotel.

There will be approximately 50,000-70,000 sq. ft. of ground-floor retail space for restaurant and small-shop tenants.
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