San Antonio Business Journal
Commercial Real EstateURBAN REDEVELOPMENT
Nix buyers on what’s next for River Walk tower - and a hotel isn't on the list yet
By W. Scott Bailey – Senior Reporter, San Antonio Business Journal
Jan 28, 2020, 5:00am CST Updated Jan 29, 2020, 9:16am CST
The South Texas-based company that acquired the Nix building has no plans at present to redevelop the iconic downtown tower into a new River Walk hotel.
Innjoy Hospitality partners Nitin Kasan and Adrian Ramirez have yet to finalize a strategy for the more than 300,000-square-foot building, though they are leaning toward including permanent housing.
“It’s not a hotel. We have not made the decision to go that route,” Ramirez said. “We are looking at multifamily.”
The Innjoy partners expect to incorporate a mixed-use plan that includes street-level retail. Landry’s Corp. currently has restaurant space in the river-level portion of the building.
“We are running models to see what the best and highest use of the property is,” said Ramirez, who said it could include a residential component, possibly even some condominiums.
Innjoy is redeveloping the State National Bank building in downtown Houston, which will be transformed into the first Moxy by Marriott boutique hotel in Texas. As that project has coincided with Innjoy’s purchase of the Nix building, there was speculation that the company has a similar plan for its San Antonio property. Ramirez said there were even rumors that the Nix would become a Hard Rock hotel.
“That is wishful thinking,” he said. “The multifamily component to us is a little bit more attractive. That’s what we are leaning towards. It’s still in the air, but the multifamily component is what seems to make the most economic sense at this point.”
Innjoy has not yet ruled out a hotel.
Kasan said Innjoy, which has offices in Pharr and Houston, had its eye on the Nix for about six months before closing on a deal for the building. There were two factors that drew their attention to the building -- the history and the location.
“You don’t find these types of properties anymore,” Ramirez said. “They don’t make them anymore. And there is only one River Walk.”
Innjoy has wanted to establish a presence in the Alamo City for some time.
“San Antonio has been on our radar. We wanted to go into the market with the right opportunity,” Kasan said. “We like to see these historic buildings come to life and bring more value to the community.”
Innjoy would like to complete work on the redevelopment of the Nix in the next 24 to 36 months. Neither partner would estimate the costs involved in making that happen.
“We are sitting down now with local architects in San Antonio and we are also visiting with different firms and trying to get this done,” Ramirez said.
By W. Scott Bailey – Senior Reporter, San Antonio Business Journal
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