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

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Proposed downtown garage speeds through approval process, cementing developers’ commitment to downtown SA

Downtown San Antonio

Downtown San Antonio

Parking has long been downtown San Antonio’s Achilles heel, but conceptual plans for a garage higher than most of the offices in the area flew through the Historic Design and Review Commission meeting yesterday, indicating the city’s eagerness to put the issue to bed.

Through a partnership with two of the biggest names in the local development community, Hixon Properties and Silver Ventures, the 10-story garage slated for the southwest quadrant of East Commerce Street and Navarro Street would deliver 500 parking spaces and roughly 13,000 square feet of commercial space on the ground floor.

The site at 201 E Commerce, which spans more than half an acre, has been owned by the partnering firms since 1998 under the Market/Commerce Street LLC identity. The land has long been a profitable surface parking lot, but after more than 17 years, Hixon and Silver Ventures appear to be ready to invest in the future of downtown San Antonio.

But make no mistake, the hotels won’t be the only ones to benefit from the proposed garage.

I’ve been told repeatedly that in order to attract more corporate interest downtown — in other words, to get a company to sign a lease — the area needs more available parking.

For such a car-reliant city, the issue of parking will never be fully eliminated. Compound that with the high parking ratios in office parks around Loop 1604 and it’s clear to see why the issue has been a hindrance to getting more corporate users to come downtown.

However, as activity continues to swell in terms of residential, commercial and retail development in and around the city’s core, Hixon and Silver Venture’s investment in the area will not only spur retail activity for the site, but it will also help cement the notion that downtown San Antonio is moving forward.

Click to read entire article: Proposed downtown garage speeds through approval process, cementing developers’ commitment to downtown SA (San Antonio Business Journal, 10-22-15)

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