"Yay, let’s clap on that one. I’m excited."
So says San Antonio Mayor Ivy Taylor after City Council approved a public-private partnership between the city, Frost Bank and Weston Urban LLC for land swaps that will result in the Alamo City's first Class A office tower since 1989.
The City of San Antonio will spend $51 million to purchase the Frost Bank Tower — where city staff will be
consolidated — and Weston Urban will purchase three city properties, including the Municipal Plaza Building, for residential development.
The Frost Bank Tower will need $6.7 million in renovations. Weston Urban will then build the tower that Frost Bank will move into at the corner of Houston and Flores. You can read more about the deal here
The approval starts the early planning stages for the tower, including a design competition to choose the building's architect.
Councilman Rey Saldaña said he hopes the deal will spark a snowball effect, prompting more development downtown.
Councilman Joe Krier said his decision to vote for the proposal was easy.
"I think what we are all anxious to see is dirt turning and property moving in terms of reconversion of existing buildings, as well as construction of first new office tower in a very, very long time," Krier said.