The lure of redevelopment of downtown isn’t the exclusive domain of residential developers. On June 26, San Antonio Mayor Julián Castro and leaders from Frost Bank and Weston Urban announced plans for a public-private partnership that would produce numerous property exchanges, including the Municipal Plaza building, Continental Hotel building, San Fernando Gym and two pieces of real estate. The City, in return, would retain ownership of the current Frost Bank tower and adjacent parking garage. The City, which now spends about $3.4 million annually on leasing office space, would consolidate to the Frost Bank tower.
Arguably the most significant property exchange would be the city taking control of the Frost Bank tower at 100 W. Houston St., and the construction of a new office tower for the bank. Weston Urban, which would accept five downtown properties in this strategy, would also aim to develop more than 300 residential units in downtown in addition to the new Frost Bank office tower.
This proposed office tower would be the first addition to San Antonio’s skyline in the past 25 years, officials from the city and the two companies said. Castro added, if the plan becomes a reality, it would be the most notable development in his “Decade of Downtown” initiative. The unsolicited proposal was submitted in accordance with the public/private partnership guidelines the City Council adopted in 2012. Although the City has participated in several public private partnerships, this is the first unsolicited. The City has formally requested additional details and Weston Urban/ Frost Bank now have 45 days to respond.