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Originally Posted by Dan In Real Life
Does anyone have a subscription to the Business Journal? I found the article, but it's behind a paywall.
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Dream Hotel Group LLC's plans for an expansive River Walk development are advancing despite the Covid-19 pandemic that has disrupted travel and construction across the U.S., the company confirmed.
Rather than pull back, stakeholders are pushing forward, firming up equity investment and design plans for a landmark project that a lead official said will be anchored by a Dream San Antonio hotel tower that could reach nearly 30 stories and three other multistory structures housing a mix of river-area office and residential space.
“Everything is advancing. We have land owners, developers working together to move the project forward,” Dream Hotel Group Vice President of Development Christian Glauser Benz told me. “In the sense of priority and importance for us, it’s one of our top three developments in the country right now.”
In late January, Dream Hotel executives, including CEO Jay Stein, outlined preliminary plans for an undisclosed site believed to be west of the San Antonio River near East Martin and Soledad streets. Those talks centered exclusively on a hotel, but the scope of the project, planned for one of the city's Opportunity Zones, is now expected to have a far more significant impact on downtown.
The developers are "refining all of the components" for the four buildings anchored by the Dream hotel, Benz said.
"It’s a very large project,” he said. “We are getting our heads wrapped around square footage and costs," he said.
In March, the World Health Organization declared the novel coronavirus a pandemic. Since then, Dream Hotel Group has continued to work with investors and general contractors refining development plans and engaging with potential equity partners.
“The last four months for us have been knee-deep work with the general contractors … to get our cost numbers right where they should be. That’s all been done in parallel as we talk with the equity partners,” Benz said.
None of the stakeholders have been dissuaded by the pandemic.
“What is really important here is that all of them are long-term players. They love the city and are very committed to creating a legacy project in this part of town,” Benz said.
The Dream project will take 24 to 36 months to build, Benz said.
Benz believes that Covid-19 should not be an issue by then and that tourism should be fully back on track. He said now is the right time to do preliminary construction work, pricing, plans and architectural designs.
Dream Hotel executives believe San Antonio will emerge from the crisis with more high-profile projects to follow and with greater interest from triple-A capital groups from both coasts.
“Investors know that San Antonio’s time is coming,” Benz said. “This project will put San Antonio on the map. With that comes a lot of responsibility.”
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