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Kim_Gatley
Kim Gatley
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enior Vice President & Director of Research at REOC San Antonio

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Frost/Weston unveils details on high-rise proposal for downtown San Antonio

Proposed Frost Tower

Proposed Frost Tower

The City of San Antonio, Frost Bank and Weston Urban have negotiated a deal that, pending City Council approval, will bring a 400,000-square-foot office tower and hundreds of additional residential spaces to the downtown area.

As part of the public-private partnership, the city will purchase the existing Frost Bank tower, 100 W Houston St., where it will consolidate operations, housing some 1,400 municipal personnel. The city, which spends roughly $3.5 million annually to lease four downtown buildings, will also purchase an adjoined 732-space parking garage as part of the $51 million transaction.

The deal calls for Weston Urban to develop a new headquarters tower for Frost at Flores and Houston streets. The new structure will be the first office tower constructed in downtown San Antonio since 1989.

Under the negotiated public-private partnership deal, the city will sell the Municipal Plaza Building at 114 West Commerce, as well as properties at 319 West Travis and 403 North Flores to Weston Urban. That transaction, coupled with Frost’s plans to sell additional downtown real estate to Weston Urban, will allow the company co-founded by Rackspace’s Graham Weston, to develop more than 260 new residential units in the central business district.

Click to read entire article: Frost/Weston unveils details on high-rise proposal for downtown San Antonio (San Antonio Business Journal, 04-27-15)

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