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Posted Aug 16, 2023, 3:50 PM
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James
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Join Date: May 2004
Location: San Antonio, Tx
Posts: 2,481
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Hemisfair greenlights three key projects to bring apartments, hotel and retail to former World's Fair site
'Our partners’ dedication to the Hemisfair transformation is critical as we are set to open one of the world’s great public places, Civic Park, in just a few weeks.'
Quote:
By Ramzi Abou Ghalioum – Reporter, San Antonio Business Journal
Aug 14, 2023
Three projects key to the redevelopment of Hemisfair have been given the green light, ushering in a new era for the former World's Fair site.
Hemisfair Park Area Redevelopment Corp., the entity overseeing Hemisfair's transformation, announced Aug. 14 its conclusion of the due diligence phase of development agreements it struck with Zachry Hospitality, Post Lake Capital Partners and AREA Real Estate. That means 450 residential units, 70,000 square feet of retail space and a hotel will be the latest additions to the area.
"It is great news to share that our three development partners have completed the due diligence phase of the lease agreements and are ready to get started on the next phases,” said HPARC CEO Andres Andujar. “Our partners’ dedication to the Hemisfair transformation is critical as we are set to open one of the world’s great public places, Civic Park, in just a few weeks.”
Earlier this summer, Andujar told the Business Journal that the end of July would be a critical time for Hemisfair's redevelopment as its partners officially accepted their projects. As HPARC winds down the first phase of Civic Park, the second and final phase is set to begin construction as well, with a completion date set for NCAA Men's Final Four in 2025, which San Antonio is hosting. Bids for the $15.8 million project were due in February.
Zachry Hospitality will be the first to break ground this fall on a 200-key hotel with ground-level retail that was given the final green-light by the city in last September. The area had originally been earmarked for a hotel and office property, but that project was shelved for a new version without an office development.
“As Hemisfair gears up to open its long-awaited green spaces at Civic Park, our team is thrilled to announce, ‘It’s a go!’ for an authentic, one-of-a-kind Curio Collection by Hilton product,” said Zachry Corp. Vice President of Public and Government Affairs Tara Snowden.
Upon final approval, a mixed-use development by Post Lake Capital Partners included a 10-story residential component instead of the original 29.
Post Lake Capital Partners will also develop a 10-story residential tower and a three-story retail building fronting the Riverwalk that is slated to break ground in the fourth quarter of 2024. Previous plans for the development included a 29-story tower that had received initial approval from the city, but those plans were later changed.
Three projects key to the redevelopment of Hemisfair have been given the green light, ushering in a new era for the former World's Fair site.
Hemisfair Park Area Redevelopment Corp., the entity overseeing Hemisfair's transformation, announced Aug. 14 its conclusion of the due diligence phase of development agreements it struck with Zachry Hospitality, Post Lake Capital Partners and AREA Real Estate. That means 450 residential units, 70,000 square feet of retail space and a hotel will be the latest additions to the area.
"It is great news to share that our three development partners have completed the due diligence phase of the lease agreements and are ready to get started on the next phases,” said HPARC CEO Andres Andujar. “Our partners’ dedication to the Hemisfair transformation is critical as we are set to open one of the world’s great public places, Civic Park, in just a few weeks.”
Earlier this summer, Andujar told the Business Journal that the end of July would be a critical time for Hemisfair's redevelopment as its partners officially accepted their projects. As HPARC winds down the first phase of Civic Park, the second and final phase is set to begin construction as well, with a completion date set for NCAA Men's Final Four in 2025, which San Antonio is hosting. Bids for the $15.8 million project were due in February.
Zachry Hospitality will be the first to break ground this fall on a 200-key hotel with ground-level retail that was given the final green-light by the city in last September. The area had originally been earmarked for a hotel and office property, but that project was shelved for a new version without an office development.
“As Hemisfair gears up to open its long-awaited green spaces at Civic Park, our team is thrilled to announce, ‘It’s a go!’ for an authentic, one-of-a-kind Curio Collection by Hilton product,” said Zachry Corp. Vice President of Public and Government Affairs Tara Snowden.
Upon final approval, a mixed-use development by Post Lake Capital Partners included a 10-story residential component instead of the original 29.
Post Lake Capital Partners will also develop a 10-story residential tower and a three-story retail building fronting the Riverwalk that is slated to break ground in the fourth quarter of 2024. Previous plans for the development included a 29-story tower that had received initial approval from the city, but those plans were later changed.
AREA Real Estate, a group led by downtown developer David Adelman, and which also developed the ‘68 Apartments at Hemisfair, is developing a residential building that will also include ground-floor retail that will break ground in summer 2025.
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