McCombs Properties hopes to honor its late founder, Red McCombs, who passed away in February, by creating a “timeless” development to rival San Antonio’s Pearl District.
The company’s vision is about to become a reality as a recently passed law allows for a special tax zone for a six-acre development along the Riverwalk next to the San Antonio Museum of Art, San Antonio Express-News report.
McCombs bought the property from CPS Energy in January for $30 million. Few details have been revealed about the company’s plans, but the site will include housing, offices, a hotel and public spaces. It would be a smaller project than the historic Pearl District, one of the city’s top tourist attractions, with breweries, restaurants, hotels, retail and entertainment.
Harry Adams, managing director of McCombs Properties, said: “We wanted it to be timeless, to be catalytic, to help change this particular scope of the museum in a good way, to allow all types of People are approachable and do a good job.” Exit. “In our view, this is part of Red’s legacy.”
The municipal district covers approximately 6 acres near the Riverwalk and allows for higher property taxes (likely to be compensated through rent increases) to fund improvements like sidewalks and streets. The district can also issue bonds.
Adams told the media there are other sources of public funding, but the municipal administration district is the best option for this particular development. It will help provide “long-term sustainment” for the project, providing funding for traffic control, maintenance, support planning and other services.
The size, cost and timeline of the development were not disclosed.
— Quinn Donoghue
