The project’s completion date, originally set for 2021, would be extended to 2025 when San Antonio is scheduled to host the NCAA men’s basketball Final Four at the Alamodome in April.
Courtesy / Overland Partners - Zachry Hospitality
The development sublease agreement eliminates the proposed 69,000 to 110,000 square feet of leasable office space within the 5-acre development and increases the number of residential units from 385 to 525. The 200-room hotel remains part of the overall picture. Councilman Mario Bravo said he’ll vote in favor of the new deal. While it increases housing and parking, “it reduces the number of parking units per housing unit and that’s the direction that we need to be going in.”officials selected a joint proposal by Zachry Hospitality and housing developer the NRP Group for a mixed-use development made up of office, residential and parking structures, and a boutique hotel in the northwest quadrant of Hemisfair.
The original agreement with Zachry required the developer to make lease payments that would support debt service on phase one of the park. But due to the delays and missed rent payments, HPARC could not make the debt service payments. Instead, the amended agreement has the garage privately funded and operated, and the city will pledge $8 million in Hemisfair Tax Increment Reinvestment Zone money to pay for the utilities needed for the South Alamo Street and Civic Park improvements.
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