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Originally Posted by JACKinBeantown
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"Land once targeted for a mixed-use hotel and apartment tower is in new hands.
A joint venture of hospitality and construction executives has acquired 1008 and 1012 Hoefgen Ave., two vacant parcels on the East Side, according to Bexar County property transactions. The 1.89-acre site was picked up by C & S Partnership LLC, tied to general contractor Canco Construction and hospitality executive Philip Stamm, according to Texas Secretary of State records. Deal terms were not disclosed.
The Bexar Central Appraisal District most recently appraised the two properties at about $1.4 million combined.
Canco has contributed to numerous hotel projects in the downtown area, its website shows, including renovation work at the Hilton Palacio del Rio, the Grand Hyatt and the Hyatt Regency Riverwalk. Previously the general manager of the Grand Hyatt and Hyatt Regency Riverwalk, Stamm launched hospitality firm Stamm Strategies in 2025.
Bexar County land records show the ownership entity backed the purchase with a loan of about $1 million from TXN Bank. The property was previously owned by lender Ready Capital, which took it back from Bright Lakes Real Estate LLC, a firm run by local developer Craig Glendenning.
Glendenning had planned to build a mixed-use development on the land with 300 apartments and a 270-key hotel. He told the Business Journal in 2023 that he wanted to operate the site as a luxury RV park until capital markets improved. When he tried to obtain entitlements for the short-term revenue generator, he told the city's Zoning Commission that he had received 103 denial letters from banks regarding the tower.
Canco was unable to comment prior to publication. Stamm did not respond to a request for comment."
https://www.bizjournals.com/sanantonio/n...el-builder-buys-land-near-alamodome.html