San Antonio: $55M Residential Tower is Proposed as Part of Dream Hotel on River Walk
Feature Photo: The bird’s-eye view of some the lots targeted for the Riverplace development. Image: Google Earth/VBX graphic.
by Adolfo Pesquera
San Antonio (Bexar County) — A local group of investors has set a goal of starting construction on a multi-story market rate residential tower near the San Antonio River Walk by December.
A development agreement made with the city includes a commitment to construct 216 residential units in a mixed-use project that will include retail and office space at or near street level.
The minimum investment of the developers was memorialized as $55 million. The project would occupy the 500 block of North Main Avenue and its border streets also include Giraud, Soledad and Savings streets.
According to city records, the city of San Antonio, Houston Street Tax Increment Reinvestment Zone and private developer Universal Services Group LLC entered into a Center City Housing Incentive Policy (CCHIP) Agreement on Dec. 13, 2020.
The combined city and Houston Street TIRZ incentive package has a value of $4,435,902. These are funds the developer can request as reimbursements for expenses related to public infrastructure.
Universal Services Group is owned by Chuck L. Brehm of Boerne. According to a San Antonio Heron report, Brehm said this residential project is a component of Riverplace, a 3.2-acre development that was announced in January 2020. VBX provided details on that project in this Jan. 29, 2020 article.
The reveal last year focused on the Dream Hotel Group and their intention to construct a 21-story, 217-room hotel tower on the riverfront, between West Martin Street and Convent Street. Brehm told the Heron the whole concept includes the hotel, a 20-story multifamily building, a 17-story condominium building and an office building of undetermined height. The height of the 500 North Main Ave. tower wasn’t mentioned.
The buildings in the 500 block of North Main Avenue as seen from Soledad Street looking north. Image: Google Streets.
The CCHIP agreement is for one of the two residential towers. In combination, the four buildings have an estimated cost of about $400 million.
The land where the hotel may be erected and the project site for Brehm’s residential tower are owned by Edmund Beck, a local real estate investor and one of the investors in Riverplace. Other components of the Riverplace concept are under different ownership.
The 500 block of North Main has an area of .74 of an acre and it is occupied with surface parking and several historically significant one-story and two-story commercial buildings that were constructed in the 1930s-1940s era.
The CCHIP agreement describes the character of the project as “a historic rehabilitation” that includes non-residential uses and has a height of more than six stories. The total area devoted to retail or office use is approximately 13,000 square feet.
The architect on the project is Cube3, which is the same firm that was mentioned on the Dream Hotel project. The project engineer is WGI (Big Red Dog).
Assuming the project starts as proposed, the tower is expected to be completed by the first quarter of 2023.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.