SAN ANTONIO – A downtown property is set to undergo a major transformation that will see apartment, office and hotel uses fronting the River Walk, minutes away from the Pearl.
McCombs Enterprises — in partnership with Denver-based developer McWhinney — is planning a mixed-use district called “Jones Avenue at Museum Reach” on property it acquired earlier this year from CPS Energy. The partnership expects the project at the corner of West Jones Avenue and Camden Street to cost $295.2 million, according to documents that were released to the San Antonio Business Journal through an open records request.
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The project is expected to need $35 million in public funds to make it commercially viable, according to a cost estimate. While a timeline was not given, the team hopes to win tax increment reinvestment zone (TIRZ) funds from the Midtown TIRZ board at some point to partly make up that sum. Funds will also come from the Municipal Management District (MMD) that was established over the site recently, allowing a board appointed by city council to levy property taxes and issue bonds for the 5.9-acres.
The bill — H.B. 5399 — was introduced by local Rep. Steve Allison and signed into law recently.
Renderings indicate a plan for 325 apartment units between a 13-story building and a six-story building, 70,000 square feet of office space in a four-story building, 146 hotel rooms and 904 parking spaces between two garages. A breakdown of development costs also reference public space and “The Barn.”
Project leaders have said that the development would honor the legacy of Red McCombs, who passed away in early 2023.
McCombs Enterprises did not respond to a request for comment by publication time.
You can read the full the story in the San Antonio Business Journal.
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.